Nationwide: Spending confidence rises

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Nationwide: Spending confidence rises

Nationwide's consumer confidence index revealed that people in the UK are actually more confident about spending, despite the oncoming recession.

While confidence about the overall state of the economy is down, Nationwide's figures showed that people were actually becoming more confident about spending money than one month ago.

Just over a quarter of people believe that now is a good time to make a purchase, an increase of eight per cent on last month, although 76 per cent believe that the current economic situation is bad.

Fionnuala Earley, Nationwide's chief economist, said: "Reports of job cuts have almost certainly impacted on sentiment about the present and future employment situation."

The increase in the overall spending index, from 56 last month to 64 this month, may reflect the fact that prices are falling, Nationwide added.

Alistair Darling's 2.5 per cent VAT has seen high street shops cutting their advertised prices across the country and could be a factor in the higher spending confidence.

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