as someone who has done both English lit and psychology, I strongly recommend psychology and only going for English if you really and truly love the subject. I found that at times English lit can be really draining and leads to the occasional mental breakdown here and there. (but with that being said I am a perfectionist).
psychology is really interesting and for me it was the easiest subject out of the 3 I chose. I loved the content and if you just keep ur notes and revision up to date, I don't see why you wouldn't get an A or A*.
As for which subject is more respected? it actually doesn't matter. TRUST ME. Do whatever you love and don't be swayed by the so called 'respectability' of a subject.
I hope this helped xx