Ten ways to stave off the economic slowdown on the horizon
A string of bleak economic data published this week has raised fears that Britain may be heading towards recession for the first time in 15 years. With inflation already at a nine-year high, growth at a 12- year low, and the number of high street retailers reporting a decline in sales, at a 22-year peak, the statistics, at the very least, point to some hard months ahead.
Below, we take a look at 10 ways to tighten your belts and avoid the worst effects of the economy’s slowdown. From mortgages to phone bills, Britain’s consumers are wasting billions of pounds a year simply by not shopping around.
MORTGAGES
If a deeper economic slowdown, or recession, really is on the cards, interest rates are likely to rise. This week’s news that inflation is riding at a nine-year high of 2.4 per cent is likely to set alarm bells ringing for the Bank of England’s Monetary Policy Committee (MPC) ” whose job is to keep inflation below 2 per cent.
If rates do rise, then the best way to prepare yourself on the mortgage front, is to take advantage of one of the competitive fixed rates which are still available. But any clear signs that the MPC is to raise rates could ensure that the best deals are removed from the market within days.