Economic recovery may be a "long way off"

The UK may still be a long way from economic recovery, according to foreign exchange company Caxton FX.

Its suggestion comes after data revealed that UK industrial production has fallen by around 2.5 per cent on a month-on-month basis - the total value of manufacturing output decreased by 1.9 per cent in August, below the expected 0.4 per cent increase.

Duncan Higgins, senior analyst at Caxton FX, said: "The data will raise concerns that the economic recovery in the UK is still failing to take a firm hold and continues to lag behind over G20 nations."

Britons are still feeling the pinch of the credit crunch after mass unemployment and pay freezes caused financial difficulties for people across the country.

This may cause particular hardships for those struggling to manage their credit card debt - a problem that may continue for some time while the economy recovers.

Total UK personal debt at the end of August stood at £1,457 billion according to statistics from Credit Action.