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Fool.co.uk: Britons must prepare for recession

09/07/2008

Financial website Fool.co.uk has said people must "tighten their belts" to prepare for the recession predicted by the British Chamber of Commerce (BCC) this week.

The BCC`s Quarterly Economic Survey concluded the UK is now at a serious risk of recession, expected as soon as the end of the year.

Home sales and orders and employment expectations are now at their lowest since the recession of the early 1990s, the report said.

Fool`s head of personal finance, David Kuo, said people must cut back on big purchases, save as much money as possible and consider income protection.

"People need to go back and look at their finances now and don`t take on any more debt than they are already in at the moment," he urged.

When asked about the threat of job losses under a recession, Mr Kuo recommended trying to live off two thirds of current salaries to make it easier to live with a lower income later on.

"If you can tighten your belt now and learn to live on a lower salary then you will be better prepared when a job opportunity comes along," he said.

According to Fool, a recession is at least six months of declining business activity.

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