Psychology, to be honest, isn't well respected. There's a general perception that it's a bit of a mickey mouse subject. That said, there are plenty of jobs where psychology would be useful, so don't let what other people think put you off doing a subject that you want to study. If you really want to study it - then study it!
In comparison to English or History, it is certainly less well respected, though, but as was highlighted in a recent thread even degrees like Golf Management and Equestrian Studies can land you with a pretty decent job and a nice pay packet, so the days where a subject's reputation were important are long over.