The Drum's Economic Weather Forecast: gloomy conditions ahead
The Drum has joined forces with the Union Direct to track and analyse consumer confidence. The latest findings point to stormy times ahead for the UK.
Outlook
Consumers’ pessimism has intensified in the past month. All sub-indices fell in January with the rise in VAT and inflation generally causing a collapse in spending confidence. Optimism about personal and general economic prospects fell to recession levels, with measures of the current personal and economic situation also lower. More jobs are expected to be lost.
Around the UK…..
Confidence fell in all regions in January, with Wales and the North particularly depressed, slumping by 14 points and 12 points respectively. Only in London and Scotland, down 2 points and 3 points respectively are the clouds a little lighter, although all regions are in the grip of the chill of a potential double dip recession.
Compared to a year ago all regions apart from the Midlands have seen double-digit falls in confidence with the North (15 points) and London (14 points) experiencing the biggest losses
Contact
To find out how to get a more detailed, monthly analysis of the consumer mood contact Gus Chalmers at Union Direct on 0131 467 6851 or email him at gus.chalmers@uniondirect.co.uk