British consumers 'most pessimistic in the world'

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British consumers 'most pessimistic in the world'

British consumers are the gloomiest in the world, economists have said.

Economists at BNP Paribas, reviewing consumer confidence in Europe and America, found the UK to be the most pessimistic, the Independent reports.

According to the newspaper, Iceland is looking at interest rates of 15.5 per cent and Denmark is already in recession.

Alan Clarke, UK economist at BNP Paribas, said that despite stiff competition, "the UK consumer easily wins the title of the most pessimistic in Europe and probably the developed world".

Rising inflation and unemployment are thought to be the main reasons for the drop in confidence.

British consumer confidence is now at its lowest since the Gfk/NOP survey started in 1974, the paper reports.

Business website launchlab.co.uk recently reported several studies that demonstrated a drop in business confidence.

It covered the news that research from CBI, the Chartered Institute of Purchasing and Supply and Visit London showed declines in confidence within consumerism and manufacturing.

ADNFCR-323-ID-18715758-ADNFCR

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