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Mar 03 2010

Consumer outlook improves

Consumer confidence reached its highest level in two years, following news that the economy emerged from recession, says a poll from Nationwide.

According to the results, confidence climbed six points last month, the highest level since January 2008.

Martin Gahbauer, Nationwide’s chief economist, says: ‘Following a small dip at the end of 2009, consumers have started this year in a more optimistic fashion with February’s figures showing a surge in confidence in both the present and future situation.

‘A strong influencing factor behind this uplift is likely to be the news that the UK has come out of its longest recession on record following six consecutive quarters of contraction beginning in 2008.’

Of the 1,000 people questioned, 39 per cent say the economic situation will be better in six months’ time, compared to 36 per cent in January.

The latest official figures have shown that the economy grew by 0.3 per cent in the last quarter of 2009, an upward revision from 0.1 per cent.

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