UK Consumer Confidence falls
Consumers remain concerned about the economic outlook after the GfK consumer confidence index dipped two points in May to -18 from -16 in April.
The news will come as a blow to the new 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.
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.
