Higher interest rates are likely to have an impact on the finances of many UK consumers, an expert has suggested.
Larger taxes are also expected to affect the country's residents in the near future, Mintel's director of retail research Richard Perks has revealed.
"I think most consumers assume there are pretty tough times ahead," he commented.
"It's very obvious we are going to have rising taxes and interest rates, and that is really going to topple consumers."
While some consumers might look to get credit in order to deal with higher taxes, Mr Perks suggests that he is uncertain about when things are likely to get worse for people, with the Budget potentially one factor that could decide this.
The final weeks of this year may prove to be more financially difficult than the closing period of 2009, the expert noted.
Fool.co.uk's director David Kuo also recently highlighted the lack of certainty which is surrounding the forthcoming general election.
Posted by Tom Burroughs.
