Predictions from the British Chamber of Commerce suggest that there is a serious risk of an economic downturn.
Commenting on the issue, David Kuo, head of personal finance at Fool.co.uk, said: "[This] will eventually mean job losses because the only way that companies can cope with a recession is to cut their biggest cost which is labour cost."
He went on to state that firms will have to look seriously at how to reduce their costs in relation to the revenue they bring in.
Mr Kuo also identified job losses at Persimmon house builders as a possible precursor of things to come.
According to Fool.co.uk, economists typically define a recession as two consecutive financial quarters in which the country’s gross domestic product decreases.
