Consumer confidence dwindles in UK but recession fears are allayed

Consumer confidence in the UK has been continuing to fall, with higher interests of 4.75% negatively affecting the average spender. However, as unemployment is still low, the likelihood of a recession is low. According to research by BDO Stoy Hayward, UK economic growth is set to slow down and business confidence has fallen to its lowest level since October 2003. The BDO Business Trends Report showed that with weakening global demand, the UK Chancellor Gordon Brown will miss his economic growth targets of 3%-3.5% and face increased difficulty in limiting borrowing. UK business confid...