Double-dip recession could hit student finances hard

Fri, 07 Oct 2011

Those looking to secure a student loan could be among the many people likely to find their finances hit particularly hard should the UK enter a double-dip recession.

Brendan Barber, general secretary of the Trades Union Congress - which represents 6.2 million working people - has warned new gross domestic product figures from the Office for National Statistics suggest the nation is in real danger of another economic slump.

The industry figure noted the findings show the financial outlook is currently worse than many initially feared, with the best prospect being one of years of stagnation.

He explained action needs to be taken to kick-start the economy, adding: "The fall in household spending is almost as steep as at the height of the crash as wages are squeezed, prices rise and families cut back."

The government is continuing to rely on individuals borrowing more - which could include student loans - Mr Barber added.
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