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April 15, 2010    

UK consumer confidence sees sharp fall in March

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by Kay Murchie

The latest survey from the Nationwide Building Society has revealed a sharp fall in UK consumer confidence for the month of March.

The building society’s consumer confidence index plunged to 72 last month – the lowest level since December and down from a two-year high of 81 reported in February.

According to the Nationwide, its survey reflects the fact that consumers are concerned about the upcoming general election and ongoing economic uncertainty.

Nationwide chief economist, Martin Gahbauer, comments: “With an election looming, more people will be unsure as to whether they will be better or worse off in the coming months, and recent concerns about the state of the economy and employment prospects could still be playing on the minds of consumers.”

In the meantime, the Nationwide said consumers are also uncertain about both the current and the future economic situation with the expectations index dipping from 28 to 24, while expectations for the coming months plummeted to 105 from 116.

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