Consumers accept there's no quick-fix for economy

Consumers believe it will be at least a year and a half before the economy improves, according to new research by Which?

With four in five people (80 per cent) believing it will take at least a year and almost a quarter (23 per cent) saying it will be more than two years before we see an upturn in the economy, it seems consumers aren't expecting a quick recovery.

Almost half of people (49 per cent) think that the Government is best placed to fix the crisis while just one in eight (14 per cent) say the banks can change the economic climate for the better.

The amount of public money ploughed into the economy is also a major concern for consumers, with four out of five people (81 per cent) saying they are worried about future tax levels as a result.

Which? personal finance campaigns manager, Doug Taylor, says: "Consumers aren't under any illusions - they know the financial crisis will take time to sort out. The banks may have caused much of this mess but consumers think the Government is best-placed to fix it.

"In the meantime, banks should be doing everything possible to help their customers through the financial crisis, such as taking a responsible approach to repossessions and putting a stop to unfairly high unauthorised overdraft charges."