August 8 2016.

In June, then chancellor George Osborne asserted that the UK could lose out on £30 billion in public finance by leaving the EU, which could lead to immediate budget cuts.

While his rhetoric could have been an attempt to sway the voting public to vote to stay in the EU is debatable, our current period of post-Brexit volatility suggests we may run the risk of talking ourselves into a recession.

The recessionary spiral
In marketing, plastering A-list celebrities as endorsers of products has proven to work. Similarly, in the case of politics and the economy, influential people have a direct impact on public confidence. If economic experts or the mainstream media speculate an upcoming recession, it can make people nervous about the nation's economic future. Almost like the chicken-and-egg riddle, people then cut back on spending and increase saving.

Less spending means less demand for products and services, which can have an immediate impact on businesses that rely on a steady stream of customers to balance their books. These businesses may cut back on employment and investment in an effort to stay afloat.

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