UK recession warning: Britons urged to ‘put money aside’ – your salary could be slashed

Ms Rettie said: “If you keep your job, your employer might choose to cut your salary or reduce your benefits.”

It can also impact those looking to take out a mortgage or a loan.

Ms Rettie said: “With more people unemployed and unable to pay their bills, historically, lenders tighten their eligibility criteria for things like mortgages and loans, which means you’ll need a good credit score to be able to borrow.

“If you’ve invested in things like stocks and real estate, those investments can lose you money.”