Nationwide: Consumer confidence up

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Nationwide: Consumer confidence up

The latest Nationwide Consumer Confidence Index has revealed a rise of one point over the last month.

According to the survey, a slight increase in consumer confidence occurred during July, but overall, outlook amid the recession has remained relatively stable.

The index also discovered that spending confidence has fallen for the first time in more then one year, but British homeowners believe that the value of their properties will rise within the next six months.

Additionally, it predicts that the current base rate has a five per cent chance of being raised by 0.25 per cent when the Bank of England Monetary Committee next meets.

"Consumers might have been reassured by reports that the housing market may be starting to recover and manufacturing output is no longer falling as rapidly as it was a few months ago," said Martin Gahbauer, chief economist at Nationwide.

A further index released by the bank last week revealed that house prices in the UK rose by 1.3 per cent in July.

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