Many Britons believe the UK to already be in recession.
According to the Guardian, this has been brought on by the continuing downturn in the economy over recent months.
The British Retail Consortium has noted that 84 per cent of Britons now believe that the country is already in a recession, while only 14 per cent believe the economy will be stabilised and have emerged within the next year.
This has led some economists to speculate that the government will initiate tax cuts and that interest rates will be slashed to as low as one per cent.
Howard Archer, chief economist at the consultancy Global Insight, said: "It is clear that the central bank is now highly concerned that the UK will suffer a deep, extended recession."
The Bank of England recently warned that the UK economy was now on the brink of a severe recession.
Last Thursday (November 6th), the Bank's monetary policy committee voted to cut interest rates by 1.5 percentage points, from 4.5 per cent to three per cent.
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