Wednesday, March 03, 2010

BBC News - UK consumer confidence 'hits two-year high'

UK consumer confidence reached a two-year high in February, as sentiment was buoyed by the news that the country had exited recession, a survey has said.

The Nationwide said its consumer confidence index rose to 80 last month, its highest figure since January 2008, and double February 2009's figure.

The report said consumers were also now more confident about how the economy will develop as 2010 progresses.

The UK emerged from recession during the last three months of 2009.

The latest official figures have shown that the economy grew by 0.3% in this period.

"Following a small dip at the end of 2009, consumers have started this year in a more optimistic fashion with February's figures showing a surge in confidence in both the present and future situation," said Nationwide chief economist Martin Gahbauer.

"A strong influencing factor behind this uplift is likely to be the news that the UK has come out of its longest recession on record following six consecutive quarters of contraction beginning in 2008."

BBC News - UK consumer confidence 'hits two-year high'

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