Brits 'wary' of the economy, says Nationwide

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Brits 'wary' of the economy, says Nationwide

British consumers are presently a little apprehensive about the economy and employment due mainly to the January base rate hike, according to Nationwide's Consumer Confidence Index.

The Present Situation Index stands at 86 points which is below the three month average of 88, highlighting a gloomy attitude among consumers into the new year.

People who are positive about the economic situation slipped to 36 per cent, which the Nationwide says is a "new low". However, this is contrasted with more people stating they believe their household income will increase in six months, than the corresponding period last year.

Fionnuala Earley, group economist at Nationwide, said: "The unexpected base rate increase last month doesn't on its own appear to have had much impact on consumers' confidence, unlike the dramatic slumps seen following the rate rises in 2006.

"However, looking longer term, the base rate hikes have kept consumer confidence subdued over the last six months."

Nationwide says it expects to see a "moderate" growth in the housing market following the Bank of England's decision to up interest rates.

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