I asked my Economics students to conduct a questionnaire, asking people in the street various questions about Economics. One Question was:
What do You consider to be the Most Serious economic problem Facing the UK at the moment. These are the most popular responses to far.
- House Prices (50% of responses)
- Government Debt
- Ignorance because of fear
- no response
- No Problems
What I would consider the most serious Economic Problem:
- High levels of consumer debt / bankruptcy
- Demographic crisis – Rising retirement levels will worsen government finances and put pressure on pensions.
- Housing Market – prospect of house price falls.
- High prices for first time buyers – related to shortage of supply
- Growing Current Account deficit.
Feel free to add your thoughts about the economic problems facing the UK (or other countries)