Recession issues 'will take a long time to resolve'

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Recession issues 'will take a long time to resolve'

Mon 17th May 2010

A sector expert has suggested that the recession is not over and the issues it has brought about in terms of unemployment and debt will take a long time to address.

President of the Personal Finance Society and national head of financial services at Smith & Williamson Mike Fosberry highlighted the national debt as a particularly key problem, which can not be remedied quickly.

He pointed out that although there has been some economic growth recently, there have also been increases in unemployment and low interest rates have made it a tough time for savers.

Mr Fosberry remarked: "You can understand why people are nervous about doing very much in the short-term because they may be nervous about jobs, they may be nervous about where the economy is heading."

His comments follow research by Alliance Trust, which showed that the financial wellbeing of UK consumers worsened in the first quarter of 2010 after four quarters of improvement.

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