UK consumers 'concerned about recession'

Concerns over a possible recession are filling Britons with fear, according to one institution.

The ongoing credit crunch has prompted one in six people to claim that the UK has already entered into a recession, while one in five stated that the slightest suggestion of the financial calamity "fills them with fear".

This comes from Fool.co.uk, which has conducted research into people's perceptions of the current economic situation.

More and more people are uncertain about the financial future of the country, with some fearing that the economic difficulties will continue indefinitely.

David Kuo, head of personal finance at Fool.co.uk, stated: "The term 'credit crunch' has become a part of our everyday vocabulary over the past eight months.

"Simple measures such as reining in spending will ensure that we have a pot of spare money tucked away to see us through a slump."

People worried about their finances may consider shopping around for a cheap loan in order to give them a boost.

Meanwhile, the financial comparison website recently advised people to cut their spending, especially on credit cards.