Nationwide consumer confidence report 'affected by emergency Budget'

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Nationwide consumer confidence report 'affected by emergency Budget'

Thu 15th Jul 2010

The results of the latest Nationwide consumer confidence report may have been impacted by the emergency Budget that took place in late June.

This is the view of chief economist at the firm Martin Gahbauer, who suggested people may have been worried about what the chancellor's plans were as he prepared to present them to the nation.

Mr Gahbauer said: "It will not be until July's results, however, that we could potentially see what impact the chancellor's package of austerity measures has had on confidence."

The Nationwide consumer confidence report indicated that the overall index fell for the second month running and stands at 63 for June.

However, the firm's spokesperson claimed there is a chance July's figure may show more stability, as the political uncertainty of the last few months could be said to be over.

Last month, Mr Gahbauer described how the political situation had been unsettling in May, which is why the consumer confidence index had fallen.

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