💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

UK Jan GfK consumer morale hits lowest since July

Published 01/29/2009, 07:01 PM
Updated 01/29/2009, 07:08 PM

LONDON, Jan 30 (Reuters) - British consumer confidence fell to its second lowest level on record in January as people fretted about the deepening recession and grew increasingly worried about their own finances, a survey showed on Friday.

The GfK NOP index fell four points to -37. That was lower than at any point during the recessions of the early 1990s and 1980s and the weakest since the record low last July when oil prices were at record peaks and interest rates were much higher.

The sub-index measuring people's perception of their own finances over the next year fell four points to -14, also the lowest since July despite borrowing costs dropping to a record low this month and petrol being much cheaper.

GfK noted a particularly sharp drop in morale among young people. The confidence index among 16-29 year olds fell 10 points, more than twice the drop recorded for the population at large.

"This is perhaps a reaction to the recent spate of reported job losses, with fears that those wanting to enter the job market will be unable to do so," said Rachael Joy of GfK.

Britain's economy plunged into recession at the end of last year, making job losses and dire warnings about the economic outlook front-page news.

The International Monetary Fund warned this week that Britain was facing the deepest recession of any big industrialised economy and its economy was likely to shrink 2.8 percent this year.

Interviews for the survey were conducted between January 9 and 18.

(Reporting by Christina Fincher; Editing by Andy Bruce)

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.