Tuesday 1st of February 2011
The continuing instability of the financial climate in the UK throughout 2011 could result in an increasing number of people seeking individual voluntary arrangement answers as they prepare for the worst.
And according to the National Institute of Economic and Social Research, the situation does not look like it will get much better anytime soon.
The organisation forecast the economy will grow by only 1.5 per cent this year, followed by just 1.8 per cent in 2012.
It noted the lacklustre expansion will only just top the 1.4 per cent increase witnessed in 2010.
"We estimate that the economy is currently operating around four per cent below its potential," the body stated, adding some of the austerity programme could therefore be postponed.
Scottish Provident's recent Financial Safety Net report revealed more than 30 million people in Britain believe their current standard of living is below what they experienced in 2007.
By Chris King
- Debt consolidation loans falling, figures show
- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
- Low interest rate 'contributing to debt management efforts'
- Debt management growing in importance, survey finds
- 42% of adult children 'earning more than parents'
