London June 3rd 2008
UK consumers are facing up to the growing economic tremors
that threaten their hard won prosperity of recent years through curtailing
activity. Normally May is a month that sees consumer confidence pick up – not
in 2008.
The GfK NOP consumer confidence Barometer slumped to –29,
the lowest score for 18 years and down 27 points on a year ago when the ‘Brown
Bounce’ heralded an expected revival in the Government’s prospects and house
prices continued to move ahead.
All sub-measures of confidence fell during the month, with
the measure of general economic prospects and consumers spending confidence at
record lows. Other measures fell to levels not seen since the early 1990s.
The two measures of personal finances both fell in May. The
backward looking measure fell 3 points to –11 in the month and is at its lowest
since December 1995. The forecast for personal finances over the next year is
down 4 points and down 17 points on a year ago.
General economic confidence is at its lowest for some 3
decades highlighting the enormous political difficulties faced by the
Government. The backward looking measure fell 5 points to –58 in May and is
some 40 points lower than a year ago and at its lowest since February 1993. The
forward looking measure, down 1 point to –39 on the month is now at its lowest
ever.
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