Confidence of consumers hits recession levels
11 April 2012
Higher taxes, stagnant wages and rocketing inflation saw consumer confidence in Britain sink to recession-era levels last month.
GfK NOP today said its consumer confidence index sank to -32 in October, a level last seen when the economy was in recession and down from -30 in September.
"Consumers' outlook is becoming increasingly pessimistic about the UK's general economic situation over the coming year," said GfK managing director Nick Moon.
"The Government can't rely on people spending their way out of the double-dip recession that is likely to be on the horizon."
