Consumer confidence on the rise

British consumer confidence has risen to its highest level since May last year according to GfK NOP, a market research agency.

In a survey of 2,003 people conducted between March 6-15, the GfK NOP Consumer Confidence Index increased by five points to minus 30. While this is still 11 points lower than this time last year, it is the highest level since May 2008.

According to a company statement the rise in confidence reflects an increase in confidence in the economic situation over the next and during the past year.

In a release, Rachel Joy an analyst in the consumer confidence team, says consumer confidence: “still remains historically very low, but suggests that lower interest rates and a better picture for the household bills are restoring some confidence among UK consumers.”