UK is currently entering a double-dip recession and is at
risk of a triple-dip recession according to economists. Low consumer activity
and many markets fluctuating at the same time causes “false stability” in most
economies and industries. Analysts report that the lowering economy is a factor
in the increase of PPI compensation claims in the recent months.
The UK’s economic crisis continues to increase, leaving the
cost of living to continually increase month after month. While industrial
improvements in mining and construction prospered in the last two months,
analysts estimate that these are only tethering on residential investments.
This means that without a stable influx of construction and mining markets from
different industries, the sudden growth may just be a shot in the dark.
The Financial Ombudsman receives 2,000 mis sold PPI complaints
daily. In its annual report, the FOS stated mis sold PPI makes up a third of
the work it had done in 2012-2013. Recently, the FOS is increasing its
workforce by 1,000 personnel as a result of the increasing number of PPI
claims.
Families interviewed by different news correspondents
express that household bills are going up week per week. Some said that UK’s
economic depression recently is the biggest financial drop they have seen in 40
years. Seaside businesses have been suffering and some had already gone from
the industry.
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