Consumers have lower levels of confidence than at any time since 1990, new research figures have revealed.
According to the polling organisation GfK/NOP, its latest UK consumer confidence index fell five points in June to -34.
This is just a point above the all-time low of -35 recorded in March 1990 when the economy was entering the deepest recession in post-war years.
The index showed a drop in confidence in all of its five areas of measurement, with consumer confidence in the economy sinking to -45, a fall of 42 points compared to a year ago.
Rachael Joy, an analyst at GfK, said: “With rising inflation, gloomy forecasts for interest rates and soaring fuel, utility and food prices dominating the front page headlines, it’s no surprise that confidence in the general economy is almost in freefall.”
Date:30 June 2008
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