for the first time in 11 years, after posting its biggest economic slump on record during the second quarter of 2020.— that would see the UK swing out of recession and post economic growth in the next quarter. But whether that happens or not, recessions typically bring tougher times for households as companies cut jobs and reduce pay rises. It may also be harder to get a mortgage or other loans.
"Vacancies have plunged since the start of the crisis, so finding a job will be far harder. However, some sectors are recruiting more than others – health and social care for example. If you're willing to take on something different until things return to normal it could be much easier to find work.
Coles said this should be in an easy access savings account rather than in your current account, where you may be tempted to spend it. "Banks are happy to hand out umbrellas when the sun is shining but more reluctant when it starts to rain," he said. "You will need to show a good credit score during this time to borrow when you need it". Check if you can save money on your expenses, such as energy bills, broadband, or food shopping, and also focus on paying off debt.
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Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: BusinessInsider - 🏆 729. / 51 Read more »