The BRC (British Retail Consortium) has produced figures that show that 65% of consumers believe the UK is currently in the midst of a recession. The result is the worst since the survey was set up in 2003, and shows that the effect of the credit crunch and rising living costs have made people wary. One in five people questioned said that the outlook for the economy was their greatest concern, followed by debt.

Whilst official figures currently show that the UK is not in recession, economists predict that this could be imminent and could start next year. The negative outlook has meant that more people are now choosing to save their money rather than spend it as they prepare for hard times to come.

Lucy Trueick