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Public confidence in the economy has fallen has to an almost 20 year low as concerns about the government’s spending cuts begin to bite.

Figures from GfK NOP Social Research show consumer confidence hit a low last seen in the 1992 recession. The research company said the ‘astonishing collapse’ in January could be blamed on the VAT hike to 20%.

Fiscal tightening has already had an impact on consumers but who fear worse is yet to come as the government introduces further austerity measures.

GfK managing director Nick Moon said: ‘In the 35 years since the index began, confidence has only slumped this much on six occasions, the last being in the midst of the 1992 recession. ‘Today’s figures, when combined with the bleak economic forecast, will make talk of a double-dip recession unavoidable.’

The drop of eight points on the index took the reading to -29, the lowest since March 2009 when the UK was in recession.

All businesses need to be fully aware of their financial position each and every month to ensure that their profitability is being maintained and cash flow preserved. Without key information you may be dragged into the damaging effects of this double dip recession.

Haxton, Chartered Accountants West London can assist you dealing with financial management.

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