A closely watched poll of consumer confidence in the UK suggests the recovery in January and February may be more fragile than first hoped.
Gfk's consumer confidence index dropped from -29 in February to -31 in March, expectations had been for a slight improvement to -28.
Commenting on the results, Gfk's head of social research, Nick Moon said: "These figures make depressing reading for the government, especially when you consider that the index has been mired within a couple of points of the present levels for the last nine months.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
"The index shows that consumers are becoming increasingly pessimistic about their personal economic circumstances over the next twelve months, a worrying sign for the already hard-pressed retail sector. "
The Gfk survey is funded by the Europe Union, with similar surveys taking place across the EU. Interviews with 1,998 people were carried out between March 2nd and 11th.
Act now: First Direct’s £175 switching bonus ending soon
First Direct has launched a £12,500 prize draw on top of its £175 cash bonus - but they both finish soon, so you’ll need to be quick
By Vaishali Varu Published
Credit card providers slash 0% balance transfer deals
Customers face a double whammy of rising interest rates and shorter 0% balance transfer periods. We look at what’s going on in the credit card market and why you’ll need to act fast to get the top 0% balance transfer deal
By Ruth Emery Published