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May 27, 2011    

UK consumer confidence surges in May

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by Kay Murchie

A survey conducted between May 6 and 15 revealed a strong rise in consumer confidence.

According to the survey of consumer attitudes, carried out by GfK NOP Social Research, confidence jumped to -21 from April’s two-year low of -31.

May’s reading represents the biggest increase since May 1993 and surprised analysts who had expected a flat reading.

GfK said the survey shows Britons are feeling more optimistic about their finances and the economy in general.

However, commenting on the findings, managing director Nick Moon said: “It is far too early to know whether this could be the start of an upward trend.

“We are improving from a rock-bottom position and consumer confidence is still deeply in the negative. We are not out of the woods.”

The economy received a further boost today after the Nationwide revealed house prices rose 0.3% in May on a monthly basis.

However, house prices are still 1.2% lower on an annual basis but the three month on three month measure of house price increases (a better indicator of the underlying trend) was little changed at 0.6%.

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