‘Three in five fear another rate rise’

The move would increase the pressure on the millions of Brits facing debt management problems and figures compiled by Selftrade suggest fears are rising that the UK economy faces a “rocky ride” over the next 12 months.

Furthermore, the recent research also demonstrates that more than a quarter (26 per cent) of British workers are currently worried about their job security and 14 per cent are fearful that the national economy is heading for period of recession.

Neil Jamieson, retail marketing and business development director at Selftrade, said: “Our research shows that people are feeling unsure about the UK economy.”

“Monetary tightening will inevitably serve as a dampener on consumer spending. Investors will want to rebalance portfolios if signs emerge of a significant slowdown in the UK economy,” he continued.

It was revealed recently that the Bank of England considered the option of raising interest rates by a half-point when the last met in May.