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In The Spotlight
- Family debt advice business scoops Franchisee of the Year award
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- One advisor, two debt management referrals and over £600 commission
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- EuroDebt and mortgageforce partnership goes from strength to strength
Recession 'might depress wages'
Wednesday 29th October 2008The coming recession could make it much harder for low-income families to lift themselves out of poverty, a report suggests.
Academics at the London School of Economics said that the gap between rich and poor was beginning to shrink after widening for the past 20 or so years.
However, the analysis suggests that - with rising job losses and an increasing squeeze on credit - this trend could be reversed again, the Press Association reports.
Speaking to the news agency, report co-author Dr Abigail McKnight said: "I think it is fair to say that we do not know what this recession is going to look like because we have not witnessed anything like this before."
She added that wages were "at risk" of falling - a common consequence of recession.
Latest government figures show that the UK economy shrank by 0.5 per cent over the three months to September.
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