UK Money News
21st January 2008
Economic slowdown 'not all bad'
An economic slowdown would not have entirely negative consequences for the UK as a whole, according to one personal finance expert.
Professor Peter Spencer, chief economist for the Ernst & Young Item Club, suggests that while there is likely to be a "noticeable slowdown" in the growth rate of the UK's economy, the process is an important and necessary one.
He claims that while millions of people have found themselves facing serious trouble with debt in recent years, the national economy has been growing at too fast a pace.
Speaking on BBC Radio Five Live's Wake Up To Money programme, Professor Spencer said: "It [an economic slowdown] is a good thing because we were on the wrong road, we were borrowing and spending far too much as individuals and as government and as a nation."
Meanwhile, the Citizens Advice charity made clear recently that it typically sees an increase in the number of people seeking debt help from its staff in January and the early part of a new year.
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