Financial News: UK Consumer Confidence Strengthens In April

UK Consumer Confidence Strengthens In April

04/26/2024 - 04:55:00 (RTTNews)

(RTTNews) - British consumer sentiment improved in April on slowing inflation as well as expectations about further tax cuts, a monthly survey conducted by the market research group GfK revealed Friday. The consumer confidence index rose to -19 in April from -21 in March. The score was also better than economists' forecast of -20.

Among five indices of consumer confidence, four measures were up and one stayed at the same level as in March.

The index measuring changes in personal finances during the last year gained two points to -11. At the same time, the forecast for personal finances over the coming twelve months was steady at +2.

The measure for the general economic situation over the past twelve months gained four points to -41. Similarly, expectations for the general economic situation over the coming year climbed two points to -21.

The major purchase index also rose two points to -25. At the same time, the savings index edged up one point to 26 in April.

GfK client strategy director Joe Staton said, "We are a long way from the much firmer sentiment last seen in the period before Brexit, Covid and the conflict in Ukraine".

"There is a lot of ground to make up, and caution is needed in the face of continuing economic and fiscal challenges, and revised views on when the Bank of England might cut borrowing costs," said Staton.

Staton added that consumer confidence is finally becoming brighter and heading in the right direction.

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