Consumer confidence slips back, suggesting fragility
Consumer confidence dipped slightly this month, according to a leading survey, suggesting the UK’s recovery might be fragile. The overall Consumer Confidence Index, compiled by polling firm GfK on behalf of the European Commission, declined to minus 11 in October, breaking a run of five straight months of increases.
The index plummeted to minus 34 in 2008 and remained at similarly depressed levels until earlier this year when it improved dramatically, rising from minus 27 in April to minus 10 in September as a succession of positive economic data hit the headlines.
Nick Moon, the managing director of social research at GfK, said the latest slippage might be a “pause for breath” but added it was too early to be sure. “It will be interesting to see if sentiment has run away with itself and there is a further drop next month,” he said. Respondents to the survey reported that their expectations for their personal finances over the next 12 months were lower. Views of the general economic situation over the next year also dropped.
The GfK/EU results follow a separate survey earlier this week that put confidence at its highest level for six years in the three months to September. The Nielsen Global Survey of Consumer Confidence and Spending Intentions said the UK confidence index jumped eight points on the previous quarter to 87, the joint fourth-highest increase among 60 countries measured.
A separate survey of business confidence yesterday suggested optimism is at its highest level since 2002. Some 72 per cent of firms questioned this month in the Lloyds Business Confidence Barometer said they were more optimistic about the economy than three months ago while just 9 per cent said they were less optimistic. 61 per cent of the 300 surveyed firms with turnovers of more than £1m said they expected their own trading prospects to improve, up from 59 per cent in September.
- 2 Rarest Beanie Baby of them all could be sold for £62,500 on eBay
- 3 Professional big game hunter Ian Gibson crushed to death by elephant during hunt
- 4 Farmer told to tear down mock-Tudor castle after hiding construction behind hay bales
Migrants crossing the Mediterranean: Pope Francis joins calls for EU action on boat refugees
Yemen crisis: Meet the child soldiers who have forsaken books for Kalashnikovs
Alan Rickman admits editing 'terrible' script with friends in Pizza Hut behind backs of writers on Robin Hood: Prince of Thieves
Rarest Beanie Baby of them all could be sold for £62,500 on eBay
Isis in Afghanistan: Group claims responsibility for Jalalabad suicide bombing that killed 35
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...