Britain to be ‘more severely affected’ by global downturn

The global downturn will hit Britain particularly hard, Chancellor Alistair Darling has warned.

The country’s dependence on the City of London means it is especially vulnerable to the kind of problems the world is facing at the moment.

“We were bound to be affected more substantially in relation to the loss of revenues we are now experiencing because of the lack of profitability in the financial services sector,” the Chancellor stated.

“London is the major financial services sector of the world. Of course we are likely to be more severely affected as a result of the profitability being reduced and I’ve made that point on many occasions,” he continued.

“This kind of news is worrying, to say the least,” said a debt management expert for Gregory Pennington. “With Britain’s levels of personal debt, many people can scarcely afford any reduction in income, so the thought of rising unemployment is particularly daunting.

“However, even if there’s no way someone can avoid being made redundant, they may be able to improve their finances so they’re in a better position to cope with a (hopefully short-lived) period of reduced income. We would advise anyone with debt problems to seek debt advice and find out if a debt solution, such as a debt management plan, could help. ”

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Gregory Pennington offer debt management plans as part of a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.