Nationwide reveals rise in consumer confidence

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Nationwide reveals rise in consumer confidence

Last month the Nationwide Consumer Confidence Index rose by five points, despite a slowing house market.

But crucially the period which saw a run on the bank Northern Rock is not covered in the index, Nationwide admitted.

The fact that the Bank of England has had to bail out Northern Rock could dent consumer confidence in the future.

Fionnuala Earley, Nationwide's Chief Economist, said: "The pick up in confidence has been largely driven by confidence in the labour market.

"When people feel secure in their employment it is perhaps not surprising that their general confidence levels are more robust."

The recent commotion that has been seen in the markets is important to the confidence that consumers have going forward, she added.

In September the average consumer expected house prices to rise by 3.2 per cent in the coming six months.

Meanwhile, Morgan Stanley chief UK economist David Miles has said that the British housing market faces "very substantial risks" in the future, reports Bloomberg.

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