UK consumer morale dives again in April

first_img UK consumers remain sunk in gloom about both their personal finances and the economic outlook, a key barometer published today showed.The GfK NOP consumer confidence index fell in April, after holding steady in February and March, as fears over household finances and the affordability of major purchases increased. The fall, to -31 from -28 in March, takes the index below a crucial low of -30. This has been seen only in two previous financial crises, in mid-2008 and early 1990, GfK NOP managing director Nick Moon said.“This is a significant drop,” he said. “It suggests that the attempts to spur growth in last month’s Budget have failed to convince the public, and this may well be sorely felt on the already beleaguered high street.”Consumer spending accounts for about 65 per cent of GDP, so any damage to confidence could affect growth.“It certainly reinforces concerns about consumers being very cautious in their spending going forward,” said Howard Archer, chief UK economist at IHS Global Insight. The index stood at -16 last April and stayed around -20 in the second-half of 2010. In January it fell to -29 and has stuck just above -30 until now.Confidence in personal finances saw the greatest monthly drop in April as consumers’ views of household funds over the past year and in the future both slumped by four points.Consumers’ views of the economy over the past year fell two points, while expectations for the year ahead lost one point. FAST FACTS | CONSUMER MORALE Consumer confidence index at lowest level since mid-2008, when the UK was in recession.All five measures of confidence fell in April. Consumer spending accounts for 65 per cent of GDP, and damage to confidence could hit growth. whatsapp Wednesday 27 April 2011 8:21 pm Tags: NULL Show Comments ▼ KCS-content center_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeHero WarsThis game will keep you up all night!Hero WarsLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastGundry MD Total Restore SupplementWhat Rice Does to the Human BodyGundry MD Total Restore SupplementFilm OracleHer Love Triangle Inspired 3 Of The Most Popular Songs Ever WrittenFilm OracleiCanAnswerThat.comThe New Volkswagen Atlas Is The Car Of Your Dreams.iCanAnswerThat.comSmartAnswers.netThis New Volkswagen SUV Is The Car Of Your Dreams.SmartAnswers.netLiver Health1 Bite of This Melts Belly And Arm Fat (Take Before Bed)Liver HealthPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past Factory Share UK consumer morale dives again in April More From Our Partners Biden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years whatsapplast_img

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