✂ Fed’s first rate cut since 2020: Use our free Stock Screener to find new opportunities fastExplore for FREE

British consumer gloom lightens in March-GfK

Published 03/30/2009, 07:01 PM
Updated 03/30/2009, 07:24 PM

LONDON, March 31 (Reuters) - British consumers grew less gloomy in March as lower mortgage repayments boosted disposable income even as the recession took an increasingly heavy toll on jobs, a survey showed on Tuesday.

The GfK/NOP consumer confidence barometer rose to a 10-month high of -30 in March from -35 in February, confounding expectations for an unchanged reading.

The figures will provide some cheer for Prime Minister Gordon Brown who is lagging in opinion polls and must call an election by the middle of next year.

The biggest improvement related to people's expectations for the economy which rose to -31 from -40 in February.

The Bank of England slashed interest rates to a record low of 0.5 percent in March and pledged to buy assets with 75 billion pounds of newly-created money in an unprecedented attempt to kick-start growth.

"Consumer confidence jumped quite significantly to levels not seen since May last year," said Rachael Joy, of GfK. "It suggests that lower interest rates and a better picture for household bills are restoring some confidence."

The GfK consumer confidence barometer has been improving gradually since hitting a record low of -39 in July last year but remains low in historical terms.

(Editing by Ruth Pitchford)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.