British consumer morale plunges again

According to the survey released by market research institute GfK on Friday, the monthly consumer confidence index fell to -12 from -11 in October, confounding expectations of a small growth, Reuters reported.

The consumer confidence poll further noted that British people were more cynical about their own finances, and less inclined to spend money.

“It does now seem that the seemingly inexorable rise of the previous six months has come to a halt,” Managing Director of Social Research at GfK, Nick Moon, said.

He added, “What will be interesting over the next few months is the potential conflict between continuing good news about the economy, and consumers not feeling personally any better off.”

Earlier this month, an opinion poll revealed that despite claims that Britain’s economy is recovering, the vast majority of Britons are not feeling it.

The survey of more than 4,000 British adult samples, commissioned by financial services firm KPMG and housing charity Shelter, found that only one in 10 people feels the benefits of the economic recovery.

In addition, nearly half of those questioned said wages would need to rise before a recovery felt real.

Sixty-nine percent of the respondents said any recovery “won’t feel real” until it gets easier for young people to own a home.

Only 8 percent said prospects for home ownership in the case of young people have improved, despite government-backed initiatives designed to help people buy a home.

Three in four people said young people’s prospects for home ownership have exacerbated over the past few years.

MP/AB

Source Article from http://www.presstv.ir/detail/2013/11/29/337298/british-consumer-morale-plunges-again/

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