Falling oil prices could provide one of the few bright spots for the UK economy this year, helping consumers to feel that they are better off and cushioning the impact of a recession, according to research out on Monday.

Oil prices have plummeted by more than $100 a barrel since reaching a peak of $147 in July as the mounting recession in most leading economies has led to a slump in global demand. Oil now costs a little more than $46 a barrel, after falling as low as $36 in December.