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The country’s high street will not recover for another three years and will underperform for the rest of the decade, impacting heavily on the UK property market.
The forecast from the Ernst & Young ITEM Club suggests the worst of the recession could be behind us but warns a recovery could be derailed by consumer habits and put under renewed pressure by rapidly increasing mortgage costs.
The economists expect Bank of England interest rates, the foundation for mortage costs, to climb to 4-5pc by 2015, leading to a quadrupling in the percentage of household disposable income going towards debt interest payments to 3.2pc.
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