The recession is “far from over”

People have been warned that the end of the recession is not in sight, which could increase the likelihood of debt concerns for many.

The Personal Finance Society has stated that individuals are still concerned about unemployment as the country has not yet fully recovered from the economic downturn.

Mike Fosberry, president of the organisation and national head of financial services at Smith & Williamson, said that there has been only limited growth in the economy.

“I don’t think it is the end of the recession. That’s an issue which I would dispute,” he commented.

The industry figure added that in his opinion, the recession “is far from over”.

Mr Fosberry predicted that resolving the public sector deficit will be one of the main stumbling blocks in getting the economy back on its feet.

His remarks came in response to comments made by the Alliance Trust that suggested the financial wellbeing of consumers in the UK had plummeted in the first quarter of 2010.

By Joe Shervin