UK consumer confidence stalled in March at the same level as February, a closely-watched survey has shown.
The GfK NOP Consumer Confidence Index remained static at -28 in March, as marginal increases in people’s perception of the UK’s economy this year and next were offset by falls in the public’s confidence in their own finances.
Rising cost of living and lack of wage increases are putting household incomes under pressure and causing concerns over personal finances.
“Consumer confidence has stagnated at depths seldom seen outside of actual recession. The last time it was this consistently low was two years ago, and before then in autumn 1990,” said Nick Moon, managing director of GfK NOP Social Research.
“Last week’s budget was characterised as a budget for growth. This month’s figures show how badly some form of stimulus is needed”.