UK consumer confidence falls again to new low – Nationwide

UK consumer confidence falls again to new low – Nationwide

Consumer confidence has plunged to its lowest levels on record as the United Kingdom's economic prospects worsen, the Nationwide building society said. Nationwide's consumer confidence survey for April fell to 70, the lowest figure since polling began in May 2004, and accelerating the survey's downward trend of recent months. The figure is a sharp drop from March's 77, which was a decline of just one point from 78 in February. Analysts polled had forecast a smaller decline in April, to 75. Nationwide said consumer sentiment could worsen further in the months to come. "Food and fuel prices remain high and, with house prices no longer rising, it is unlikely that consumer confidence will pick up very quickly," said Fionnuala Earley, chief economist. "We may have to accept that confidence levels could well worsen before they get better," she added. The drop in April came despite that month's quarter-point cut in interest rates by the Bank of England, the third such reduction since December.