Nationwide Building Society claims confidence is growing

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Nationwide Building Society claims confidence is growing

Wed 9th Sep 2009

Nationwide Building Society claims that consumers are starting to feel confident again about the economic situation in the UK for the first time since April.

Martin Gahbauer, the organisation's chief economist, made his comments following the publication of the Nationwide Consumer Confidence Index, which showed a 2 point increase to 63 for August.

He noted that a lot of other economic indicators suggest we may be at the bottom of the recessionary cycle so it is no surprise that consumers are starting to be more positive about the situation the country and themselves are in.

But he added: "Although positive news about the housing market may have helped boost confidence, consumers' views about spending remain relatively cautious."

The August Consumer Confidence Index also indicated that only 21 per cent of people believe that the economic situation in the UK will be worse in six months time, a figure which stood at 57 per cent this time last year.

This week, Lloyds TSB reported that the overall balance of firms expecting business levels to improve over the next 12 months, according to its Corporate Markets Business Barometer.

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