UK consumer confidence is now higher than it has been since September 2007

UK consumer confidence is now higher than it has been since September 2007

UK consumer confidence grew to its highest level since September 2007 in January after falling for three consecutive months, new figures show.

GfK's UK Consumer Confidence Index rose six points to -7. The five measures used to calculate the Index score also saw increases this month.

Nick Moon, managing director of social research at GfK, said the growth "more than cancels out the recent falls", and is now higher than it has been since September 2007.

"All this is good news for the Government as the election starts to get within sight," Moon added. "Growing confidence should manifest itself in greater spending, but the somewhat anaemic retail sales figures for December suggest that the huge growth in the confidence index over the summer didn't lead to a similar growth in spending." 

"It will be interesting to see, over the coming months, how the relationship develops between confidence, disposable income, and consumer spending."