UK 'has not yet escaped recession'

Friday, May 14th 2010

Britons are still concerned about money and job loss and the recession is not over yet.

This is the claim of Mike Fosberry, president of the Personal Finance Society and national head of financial services at Smith & Williamson.

He disputes reports that the economic downturn has ended, because the growth seen in the UK is limited.

"It doesn't strike me that we are anywhere near to resolving the issues [that] caused [the] recession and one of the biggest [issues is] the size of the public sector deficit," Mr Fosberry says.

Worries over jobs and the general economy are understandable, he continues.

The comments follow reports from the Alliance Trust, which noted financial wellbeing in Britain deteriorated in the first quarter of 2010.

Its UK Reality Index fell to 77.3 from 90.5 as a result of less economic activity.

Mr Fosberry advises people list their financial objectives then work out how to achieve these aims.