A potential UK recession will not be as bad as previous ones suffered by the country, a finance expert has claimed.
Global Insight’s chief European and UK economist Howard Archer said that he expected the next recession to be mild.
“It’s going to feel bad to people because the economy has been growing strongly for the last 15 or so years, any down turn is going to seem worse than it probably would have done otherwise,” he added.
However, he predicted that the UK may still experience the worst conditions since the early 1990s.
He cited high consumer debt as among the causes for the current events in the economy.
The British Chambers of Commerce quarterly economic survey from July showed that the country is at serious risk of recession. Furthermore, it stated that if trends continue, the business sector is one quarter away from technical recession.
By Jamie Price