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UK’s top-rate tax-payers fear recession following Brexit vote

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Amidst political uncertainty and falling markets, 53 per cent of Brits earning GBP40k or more fear a recession, whilst just 25 per cent are worried about job security 

New research from Boring Money has found that 53 per cent of British people earning more than GBP40,000 a year think that it is more likely that we will head into recession over the next two years than they did last week, compared to just eight per cent who think that it is less likely. 

Some 39 per cent thought there was no change or didn’t know.

Adding fuel to the intergenerational fire felt after Brexit, of these, 25-34 year olds felt the most pessimistic, with 58 per cent fearing a recession.

Interest rates are the factor causing one of the highest concern, with 33 per cent of respondents selecting this as an area of their personal finances which worried them, followed by the stock market, then pensions. Women were most likely to select interest rates as a cause for concern (42 percent) whilst men were most likely to be worried by the stock market. Cash savings were the cause for least concern.

Amongst the younger audience (25 to 34 year olds) interest rates were the highest cause for concern.
However, the uncertainty about the economic climate does not appear to have trickled through to job security, with just 25 per cent of respondents feeling less secure about their job than this time last week. More than half felt there had been no change and only 9 per cent felt more worried.

Holly Mackay, founder of Boring Money, says: “The concern about the broader economic outlook is obviously significant. The economy does feel on the brink of a recession but it will be interesting to see how sentiment plays out. The worst thing we could do would be to talk ourselves into a recession. The stock market has arguably been resilient and there are few concrete factors which should slow the housing market. We’re working hard to try and explain what this means for people and to stop any panic or short-term moves.”

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