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While today’s decision by the Bank of England MPC was literally a no brainer it does not help the thousands of home owners who are struggling to make ends meet. As we read another report from the...
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Sunday 27th May 2007
A minority of British consumers are concerned about the economy's direction in the next 12 months, a survey suggests.
The 2,000 respondents to a survey carried out for investment management firm Selftrade admitted their worries about a number of aspects of the UK economy.
Three in five said they expected the Bank of England to raise interest rates in the next 12 months and 26 per cent said they feared for their job security in the same period.
Confusion about the state of UK house prices led 28 per cent to predict a continuing boom in the next year, compared to 18 per cent fearing a crash that would lead to negative equity.
Fourteen per cent of respondents said they believed the UK could enter a recession.
"Our research shows that people are feeling unsure about the UK economy," retail marketing director of Selftrade Neil Jamieson commented.
"This has obvious knock-on effects on people's perceptions of job and financial security in the near term."
He suggested that "monetary tightening" would dampen consumer spending and warned the pessimistic outlook of many consumers also had implications for the stock market.
"Investors will want to rebalance portfolios if signs emerge of a significant slowdown in the UK economy," he said.
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