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Recession veterans fear UK downturn
07 March 2008
Nearly one in six Britons believes that the UK is already in a recession while the idea fills others with dread, according to new research.
Fool.co.uk polled people who have already lived through a recession and compares their responses with those that have not – essentially twenty-somethings who have entered adulthood on a diet of easy credit.
In a telling statistic, 41 per cent of those who have already lived through a recession said that they had already felt an effect on their finances.
David Kuo, head of personal finance at Fool, advised people to be ready in case of a downturn.
"In an economic downturn there will be opportunities and threats, and we can take steps to maximise the first and minimise the second. And simple measures such as reining in spending will ensure that we have a pot of spare money tucked away to see us through a slump," he said.
The previously unknown term 'credit crunch' has occupied a prominent place in financialese during the past 12 months, as consumers are beginning to feel first hand the drying well of credit. 
