Economy UK consumer confidence falls off 10-month high in April

UK consumer confidence falls off 10-month high in April

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UK consumer confidence falls off 10-month high in 26 April 2018.

British consumer sentiment fell back this month as households grew more worried about their finances and remained gloomy about the outlook for the economy, according to a long-running survey by market research company GfK.

The headline gauge of consumer confidence, compiled by market research firm GfK for the European Commission, fell to -9 from a 10-month high of -7 in March.

That meant the index had been in negative territory for 28 consecutive months with the last positive reading in January 2016, five months before voters decided to leave the European Union.

Since then, Britain’s economy has slowed although inflation has recently fallen and wages have shown some signs of rising more quickly.
 The median forecast for the GfK survey in a Reuters poll of economists had pointed to another reading of -7.

“Hope springs eternal for better numbers but the continued uncertain economic forecast means that the sun is not yet shining brightly for UK consumers,” Joe Staton, client strategy director at GfK, said in a statement.

“As consumers, we need to see clear evidence with our own eyes – in our bank balances and pay packets – that balmier economic climes have returned. Yet our view of the UK’s general economic situation remains low.”

 Figures due to be published at 0830 GMT on Friday are expected to show overall economic growth slowed in the first three months of this year, hit at least in part by heavy snowfall during the period.

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