UK: Consumer Confidence Shows Signs Of Improving
Consumer confidence in the UK increased to the highest level since May after the Bank of England cut interest rates to a record low, according to the latest GfK NOP Consumer Confidence Index. Meanwhile, figures published by the European Commission also show Britons are becoming more confident, more quickly than their European counterparts.
The GfK index rose five points to minus 30 in March, eleven points lower than this time last year. Rachael Joy, an analyst at GfK commented, “This month Consumer Confidence jumped quite significantly to levels not seen since May last year. It still remains historically very low, but suggests that lower interest rates and a better picture for household bills are restoring some confidence among UK consumers. Certainly, when looking to the future, consumers are feeling better about the likely performance of the economy over the next 12 months.”
