Consumer confidence continued to slide this week as more problems within the mortgage United Kingdom markets surfaced. It appears as though more failures with mortgages United Kingdom have sparked further economic problems and although there is hope that things will soon turn around, for now, consumers are very unsure. The rates for mortgages United Kingdom remain high and several lenders are still at risk for failing, despite government bailouts. Until this news changes, experts fear that consumers will continue to be shaky, which could have an even worse impact on the overall economy, especially during the next few months.
CBI’s director general, Richard Lambert, stated: “The latest data show the slowdown in UK economic activity gathering pace and business and consumer confidence falling further. With inflation heading higher in the next couple of months, the Bank is right to leave rates on hold for the time being.”
David Kern, economic adviser of the British Chambers of Commerce, said, “the economy urgently needs an interest rate cut to counter threats of recession. The MPC cannot ignore the dangerous effects of rising insolvencies, falling house prices and worsening pressures on the banking system.”
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