47% Brits Expect Economy to Shrink
World Economy

47% Brits Expect Economy to Shrink

Almost half of Britons believe the UK economy will contract in the next year as a result of the Brexit vote, according to a poll.
A third of households (33%) expect their financial situation to be worse-off this time next year and 47% believe the wider economy will contract as a result of the decision to leave the European Union, the Greene King leisure spend tracker found, Money.aol reported.
This is most keenly felt among young adults, with 62% of 18 to 24-year-olds and 53% of 25 to 34-year-olds expecting the economy to decline. Just 8% expect an improvement in their prospects, the report says.
The average British household spent £209 ($276.5) on out-of-home leisure last month, a 2% or £3 increase year-on-year, the tracker reveals.
Greene King group marketing director Rob Rees said: “This month’s Greene King leisure spend tracker reveals that the uncertainty created by Brexit is worrying Brits of all ages.
“The impact of Brexit on personal finances is a concern but, in fact, UK adults are more pessimistic about the prospects of the wider economy and the potential threat of recession later this year.”
Meanwhile, Britons are taking advantage of super-low interest rates and the slowdown in property prices to borrow more, according to the latest data from the British Bankers’ Association, Business Insider reported.
The numbers show that gross mortgage borrowing rose by 6% in July 2015, compared to the previous month, hitting £12.6 billion ($16.6 billion).
Britons are also taking on more debt. The data shows that consumer credit grew by 6% on an annual basis and especially in the case of personal loans and overdrafts.


Short URL : http://goo.gl/cncZNG
  1. http://goo.gl/3StMU1
  • http://goo.gl/29lvUT
  • http://goo.gl/pRRSOS
  • http://goo.gl/1tpU2p
  • http://goo.gl/1d04G6

You can also read ...

Philippines May Suspend Excise Taxes on Petroleum Products
The Philippine government will suspend the collection of...
Jordan Approves New IMF-Guided Tax Law
Jordan’s cabinet on Monday approved major IMF-guided proposals...
At present, the majority of investments are still being done in oil-gas and traditional industries while there is still almost no SME sector in the country.
While Saudi Arabia’s latest budget figures show progress in...
US, China are nearing a deal to remove American sales ban against ZTE.
US President Donald Trump retreated from imposing tariffs on...
Dubai Bank to Buy Turkey’s Denizbank for $3.2 Billion
Dubai’s biggest lender the National Bank of Dubai has agreed...
IHS Markit to  Buy Rival Ipreo  for $1.8 Billion
Data firm IHS Markit Ltd. said it will buy smaller rival Ipreo...
SBI Reports Record $1.1b Loss
State Bank of India reported a loss of Rs. 7,718 crore ($1.1...
EU, Mercosur Discuss Trade Deal
The European Union and South America’s Mercosur bloc could...