UK Consumers And Small Businesses More Pessimistic

Consumer confidence in Britain's economy slipped in July among both consumers and small businesses, according to the latest State of the Nation survey published last week by NOP Financial, the specialist financial research division of NOP World.

The survey of small businesses found a significant increase in the proportion saying the general economic condition of the country would 'get worse' in the next 12 months - up from 30% in May 2002 to 50% in July 2002.

July's NOP Financial Research Survey among consumers mirrored this, with 47% of consumers saying the economy would get worse, up 10% from June. This compares with September 2001's low point, when 58% of consumers thought the economy would worsen - the highest level on record. The most pessimistic consumers tend to be those in the North (55%) and the over 55s (53%).

Andy Firth, Research Manager at NOP Financial said: 'Coming hard on the heels of June's plunge in manufacturing output and slower retail sales growth, these figures suggest that the outlook for the economy is not necessarily as rosy as once thought. With the continuing fluctuations of stock markets adding to the gloom, a firm boost to confidence is clearly needed.'

NOP conducted 500 interviews with the financial decision makers of business with turnover up to £1 million, in mid-July, and 5164 interviews with adults aged 16+ from 4 -24 July.

For further information, contact Andy Firth on a.firth@nopworld.com

All articles 2006-22 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.

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