Any recession 'will be mild'

By Sarah Engle, Fri 5 Sep 2008 - Published in Credit Cards

People who are already struggling to pay back debts from credit cards and loans may be relieved to hear one expert has said if we do have a recession it will be mild.

Howard Archer, chief European and UK economist with Global Insight, said if the country does experience a recession it will not be as bad as previous ones.

However, he warned a recession is "going to feel bad to people because the economy has been growing strongly for the last 15 or so years".

Mr Archer claimed high consumer borrowing and increasing house prices were a couple of the factors which had landed the country in hot water.

A report from the Organisation for Economic Cooperation and Development has predicted the UK will go into recession.

The group has predicted the economy will grow by less than 1.5 per cent during the whole if 2008.

A survey by the British Chambers of Commerce has also found recession is now a serious risk for the country.

News Categories

News Archive

News: Any recession 'will be mild'