UK consumer confidence hits fresh low

According to Nationwide Building Society, sentiment fell six points to 50 last month, a significant drop from 83 a year ago and the lowest level since the survey began in May 2004. Nationwide chief economist Fionnuala Earley says the "emerging" recession in the UK contributed to the confidence lull. "It remains to be seen whether the Chancellor's recent announcement will greatly improve consumer confidence," Earley says. Government attempts to curb the economic downturn in the UK are likely to gather pace tomorrow, according to some analysts, when the MPC considers cutting the base ra...