Nationwide explains impact of general election

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Nationwide explains impact of general election

There has been a fall in consumer confidence, according to Nationwide, with the financial services provider indicating that the general election may have played a pivotal part in this change.

Martin Gagbauer, chief economist at the organisation, made his remarks following the news that the Nationwide consumer confidence index fell nine points in March.

He explained that people may be feeling a little unsure about how the result of the election is going to affect them financially and whether changes will end up benefitting them.

"Movements during March are not dissimilar to the changes we saw in the run up to the 2005 election, where consumers appeared to be uncertain about the UK economy and employment situation," pointed out the financial expert.

He noted that this fall in the index, which is the worst since July 2008, follows a positive beginning to the year and suggested the recent Budget may have affected people as well.

Elsewhere, the company's savings index saw a three-point rise between February and March 2010.

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