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UK consumer confidence at all time low

February 7, 2008 by admin  
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Consumer confidence in the UK is at an all time low, according to figures from the Nationwide Index.

The findings show that the number of people confident about employment dropped almost ten per cent to 36 per cent in January, a drop from 44 per cent in December.

Expectations surrounding house price growth continued to fall with consumers thinking house prices would decrease by 0.2 per cent over the next six months.

Martin Gahbauer, Nationwide’s senior economist, said: “The continued downward trend in in January is not unexpected in light of current uncertainties about the economic outlook.”

He said that sharp falls in share prices, the rising costs of essential items and a weak exchange rate have all combined to negatively impact consumer sentiment which could be blamed for the pessimistic economic outlook.

Despite a downturn in the Expectations index, 44 of respondents believed that now is a good time to spend on household goods, compared with 35 per cent in December.

Meanwhile, Nationwide has warned credit card holders to be careful to avoid incurring charge while using their cards abroad.

Tags: trend, confidence, economist, downturn, share prices, consumer confidence, cent, Index numbers

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