News that Germany is officially in recession and that BT has announced 10,000 job cuts means that it’s going to be a rocky few months for us all. The pound is falling sharply and food prices have been going up. Food prices have increased because of food shortages but will also be affected by the falling pound if they are being imported from abroad.

The EU and the UK are also expected to confirm being in recession (defined as two consecutive quarters with negative growth).

If economies are shrinking businesses sell less and therefore look at reducing costs (normally through job cuts). Businesses also try and increase prices to make up for drops in profits.

It is therefore likely that more people will suffer with managing with their debts.

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