More than half of consumers blame banks for recession
24 August 2009
New data suggests that 51 per cent of consumers blame banks in the US or in Britain for the recession.
According to figures released by uSwitch.com, financial institutions are most at fault in the eyes of UK consumers with the government shouldering the next biggest proportion of the blame with 25 per cent.
However, the poll also discovered a renewed optimism about the cessation of the recession and the beginning of recovery with 13 per cent believing that the current economic slump will be over by the end of the year.
Furthermore, 21 per cent predict a recovery for the housing market this year while a surprising 55 per cent of UK adults admitted to not technically understanding how a recession is defined.
The Council of Mortgage Lenders reported on August 14th that repossessions had fallen by ten per cent in the second quarter of 2009, adding to hopes of an end to the recession.
However, Ian Boden-Smyth, money advice coordinator for the UK Insolvency Helpline, warned that the figures could once again rise if the base rate of interest is increased.
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