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Consumer confidence 'at a 13 year low'

Consumer confidence has been found to be at worryingly low levels in the UK.

Pollsters GfK NOP found that, despite two recent interest rate cuts making personal loan and mortgage repayments cheaper, confidence dropped to -17 in February.

This measurement, down from last month's -13, is the lowest for 13 years, Thomson Financial reports.

Last February, the confidence barometer stood at just -8.

The barometer is measured through polling consumers about whether they are going to purchase high-value items and whether or not they plan to save money.

They are also asked how they think the economy is doing now and how they think it will do in the future.

Rachael Joy, consumer confidence researcher at GfK NOP said: "Consumers are feeling a little less confident about their own personal finances and much less confident about the general economy as a whole.

"Housing market slowdown, high fuel and energy prices, and rising food prices…all squeeze budgets, causing consumers to be much less confident about making major purchases."

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