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Sunday 30th of May 2010
May 28, 2010    

British consumer confidence takes another dive

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by Kay Murchie

It seems British people are concerned about the economic outlook after the GfK consumer confidence index dipped two points in May to -18 from -16 in April.

The reading is the lowest level since January but higher than the -27 reported in May 2009.

The news will come as a blow to the new coalition Government, according to Nick Moon, managing director of GfK NOP Social Research.

“With considerable cuts in public spending, plus higher taxes on the way, it is hard to see the confidence index improving significantly in the near future,” said Mr Moon.

Meanwhile, the index measuring the general economic situation over the next 12 months declined by 8 notches to -9, while the index measuring personal finances over the coming year fell by 5 points to -3.

The survey also found that demand for big ticket items could dwindle over the next year with the index falling one point to -21 - just one point higher than a year ago.

The number of people who think now is a good time to save grew by two points to -5 - eleven points higher than this time last year.

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