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UK Rate Rises Help Confidence
A significant improvement in the perceived climate for making major purchases has nudged the UK Consumer Confidence Index up one point this month to -3, according to the July wave of the regular survey conducted by Martin Hamblin GfK on behalf of the European Commission.
The climate for major purchases is still seen as much worse than a year ago (+11 versus +22 in July 2003), but following two interest rate rises in consecutive months has recovered from +5 in June.
Other indicators remain substantially unchanged. The index for perceptions of the development of personal finances over the last twelve months has fallen by one point to -2, while expectations for the future remain at +9 - both scores are 3 points down on July 2003.
Perceptions of the general economic situation in the country over the last twelve months (index -18) and expectations for the next twelve months (-14) are practically unchanged since April, although the former is nine points up on July 2003 (-27). The perception of whether now is a good time to save has maintained its level of +21. This is significantly higher than July 2003 (-3).
Grant Montague, Director at Martin Hamblin GfK commented: 'Consumer anxiety over recent interest rate rises seems to have lessened slightly this month with a higher perception that now is the right time to make major purchases than last month'.
2008 individuals aged 16+ were interviewed between July 1st and 20th. The company's web site is at www.martinhamblin-gfk.com
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