UK Money News
5th March 2008
Consumers less confident
Brits were feeling less confident about the economy last month, according to the Nationwide.
The building society's consumer confidence barometer, which consists of four separate indices, hit a new low in February.
The biggest fall was recorded in the present situation index, which fell from 83 in January to 76 last month.
Feelings about the job market remained largely unchanged and the index that measures sentiments six months from now also held its position.
"The continued downward trend in consumer confidence is to be expected given the effect of higher food and fuel costs on people's pockets and the tightening of the availability of credit," said Martin Gahbauer, Nationwide's senior economist.
"In addition, growing uncertainty about future economic conditions is also likely to have affected consumers' overall sentiment."
Homeowners are under considerable pressure, with mortgage payments and other costs having increased of late.
The credit crunch is biting hard and the estimated 1.4 million people coming off fixed rate mortgage deals this year are in for a nasty shock.
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