Consumer confidence hits 2008 high

The Nationwide Consumer Confidence Index recorded an 8% increase in October, bringing the index to 55, from 51 in September. The building society attributes the positive swing to consumers being buoyed by the Government’s and Bank of England’s rescue plans. Confidence levels jumped 23% during the period of the Government's announcement of its support to the banking sector. The largest uplift in confidence is due to consumers’ future outlook. The Expectations Index, which reflects the economy and labour market in six months time, increased by 17% to 69 in October. An optimistic 27% of co...