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Sunday 27th of February 2011
February 25, 2011    

UK consumer confidence remains weak

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by Kay Murchie

A survey conducted between February 4 and 13 revealed a slight rise in consumer confidence.

According to the survey of consumer attitudes, carried out by GfK NOP Social Research, confidence rose one point to minus 28 - an improvement on January’s fall which represented the biggest since the last recession in 1992.

However, the reading remains way below the level of -14 registered a year ago.

Commenting on the findings, managing director Nick Moon said: “While the government will be relieved that consumer confidence has levelled out, such a small increase indicates that last month’s astonishing figures were not an aberration.”

The survey comes just a day after the Confederation of British Industry (CBI) distributive trades survey revealed retailers are concerned about consumers tightening their purse strings amid rising inflation.

The CBI’s survey established that the sales balance fell to +6 this month from +37 in January – far below expectations of a +30 reading.

Furthermore, retailers expect sales growth to slow further next month, with the sales balance projected to fall to zero.

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