The word recession is one that strikes fear into the hearts of many, particularly those that remember the dark days of the late 1980s and early 1990s. However, over recent months the nation has seen financial markets dry up, house prices plunge, credit conditions become increasingly tight, inflation levels soar, and consumer confidence dwindle. It is therefore little wonder that so many people are convinced that the country is on the brink of recession. With households facing their toughest time in years when it comes to finances many people are unable to spend freely, which is affecting the economy. (more…)