To protect yourself from a recession, a personal finance expert recommended saving up to a year's worth of expenses SerinaSandhu1 reports
The organisation upgraded growth to 0.4 per cent after initially forecasting that UK output would contract by 0.3 per cent. The IMF praised the UK’s efforts to stabilise the economy and reduce inflation.
With rates predicted to reach 5.5 per cent this year, Alice Haine, a personal finance analyst at Bestinvest, said it would be “foolhardy” to rule out a recession. Susannah Streeter, head of money and markets at financial services firm Hargreaves Lansdown, said: “Central bank policymakers know that fresh rate hikes, aimed at curtailing our spending power, risk tipping the stagnating economy into recession.
“If people do lose their job, finding another position is also harder in a recession as companies may choose to put hiring plans on hold as they wait to see how well the economy will ride out the recession,” said Ms Haine, adding that graduates and school leavers find it harder to find work. “This could have a further knock-on effect on the housing market. If affordability criteria is tightened further and mortgages are harder to come by, the risks of further house price falls increase.
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