The International Monetary Fund (IMF) has predicted that economic growth in the UK will fall short of the government estimates made earlier this year.
According to the fund, the economic issues affecting the US will have a notably impact in Britain, which could ultimately leave many families facing dire debt management problems.
In response to the report from the IMF, the Conservative Party has blamed prime minister Gordon Brown and suggested that he is out of touch with the financial reality that faces households around the country.
“This worrying report adds to the growing evidence that Gordon Brown’s economic incompetence has left Britain badly prepared,” said shadow chief secretary to the Treasury Philip Hammond.
“And in the face of this urgent economic crisis, all the Government can do is dither and delay,” he added.
Earlier this week, Halifax revealed that the typical house price in the UK fell by around 2.5 per cent over the course of March, sparking further fears of an economic crisis.