Consumer confidence hits highest level since June 2007

GfK’s monthly UK Consumer Confidence Index increased two points this month to -3. Three of the five measures of consumer confidence were up this month, while two remained level.

Nick Moon, managing director of social research at GfK, said: “The seemingly inexorable rise of the index continues alongside a number of other economic indicators that continue to provide good news for the Government.”

Figures released by the Office for National Statistics yesterday showed the economy grew 0.8% in the last quarter - the fifth consecutive quarter of growth.

Moon added: “This month’s two point rise to -3 takes the index to its highest level since June 2007. This is not quite as dramatic as the fact that the latest CBI survey shows business confidence at its highest level since 1973, but it still emphasizes what a massive turnaround in confidence there has been over the last year.”

The index measuring changes in personal finances during the last 12 months remained the same this month at -11, a rise of 13 points on April 2013.

The forecast for personal finances over the next 12 months stayed at the same level of 5, which is 12 points higher than this time last year.

The measure for the general economic situation of the country during the last 12 months rose two points this month to -13, up 40 points against April last year.  

Expectations for the general economic situation over the next 12 months have increased four points this month to 8, up 34 points than this time last year.

Separately, UK job confidence has hit its highest level for six and a half years, a survey by Nielsen has found.

It said over a third (36%) of Britons felt positive about their job prospects in the first quarter of 2014 - the highest level since the third quarter of 2007.