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PPI Refunds: UK 'at risk of recession'

PPI refunds could come to people's aid as fiscal difficulties are expected to remain for the foreseeable future.

Legal & General Investment economist James Carrick has said that the economy is at risk of dropping into another recession.

Mr Carrick stated that people and businesses were experiencing the most emphatic austerity measures since the second world war and credit was hard to attain, but the situation may well get worse in the future as it was likely the UK's credit rating will soon be affected.

He argued these financial constraints meant it was unrealistic to expect the economy to grow.

"Unfortunately recent data have confirmed our fears with private sector activity stalling and unemployment rising," Mr Carrick added.

The economist was referring to figures from the Office for National Statistics which confirmed that unemployment in the UK was now at 8.1 per cent, with 2.57 million people officially unemployed.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-800757616-ADNFCR

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