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Over half of Brits believe recession will last for most of 2010

29th December 2009 Print

Public opinion of the country's economic outlook is as bleak as our current weather, according to new research by Gocompare.com.

As headlines reveal that Britain is now the only G20 nation still in recession it seems Brits seeing light at the end of our economic tunnel are vastly outnumbered by those who expect plenty more hardship to come. In December Gocompare.com carried out a poll of 1500 people representing a cross section of UK adults.

52.2 per cent of respondents thought that the UK economy will remain in recession for most of 2010.

29 per cent thought that the UK economy will remain in recession for all of 2010

Just 18.6 per cent thought that the UK will come out of recession early in 2010

Across the country there were marked differences in confidence with just 13.3 per cent of people from the Tyne Tees region believing that the recession could be over early next year compared to 21.8 per cent of people from the Greater London area and 21.2 per cent of Scots. 40.5 per cent of people from Tyne Tees thought the recession would last all of next year.

It also seems that younger people are more optimistic about our economic outlook. 23.5 per cent of 25 to 34 year olds expect a recovery early in 2010 compared to just 15.2 per cent of 35 to 44 year olds. Over one third (35.1 per cent) of 45 to 54 year olds believe the recession will last all of next year.

Lee Griffin, business development director of Gocompare.com, said: "News that the UK is now the only major world economy still in recession will only reinforce most people's belief that this recession is a long way from being over. Whilst the Government would like us to spend our way out of recession we would stress that it's important for consumers to spend wisely and to compare their purchases to ensure they are getting the best deal. Saving money on things such as car and home insurance will allow consumers to save more for a rainy day, pay off some debt or just treat themselves now and again. By the look of this research, lots of us could do with a bit of cheering up just now."