Nationwide highlights unsettled economic situation

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Nationwide highlights unsettled economic situation

Nationwide has highlighted the unsettled economic situation with the release of its consumer confidence index for May 2010.

The index dropped by ten points during the month, which means it has fallen by 26 points over the last three months.

Martin Gahbauer, chief economist at Nationwide, stated that the figures for May are unsettling for consumers.

"It is clear to see that the catalyst for the fall in overall confidence has been growing pessimism around the present and future economic situation," he said.

The financial expert added that major events such as the general election, the fallout from the volcanic ash cloud and the European sovereign debt crisis have played on the mind of consumers over the past few weeks.

George Osborne's emergency Budget - which will take place in parliament on June 22nd 2010 - may also be a factor affecting the confidence of consumers, Mr Gahbauer explained.

Last month, the Nationwide Consumer Confidence Index rose by a single point.

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