UK Consumer morale holds steady

Consumer morale held steady last month as a fall in people's perception of the current situation was offset by greater confidence…

Consumer morale held steady last month as a fall in people's perception of the current situation was offset by greater confidence about the future.

Britain's Nationwide Consumer Confidence Index posted a reading of 73 last month, matching October's upwardly revised figure.

The expectations index, which gauges people's sentiment about the economy and their finances in 6 months' time, rose by one point to 108 but this was offset by a two point fall in the present situation index.

The index gauging spending intentions rose to 106 in November from 104, the highest since June

"Consumer confidence is holding steady at the end of a volatile year for the index ," said Martin Gahbauer, Nationwide's chief economist.

"The downbeat assessment of the present situation is consistent with recent news that the UK has been slower to come out of recession than other countries."

Britain is expected to return to growth in the fourth quarter of this year after a record six consecutive quarters of contraction.

Reuters