Consumer confidence ‘stays low’ during February

Despite rising by a single point to 85 last month, the index rating put overall confidence a full nine points below the level recorded prior to last August’s interest rate rise, Nationwide reports.

And with debt management problems influencing the attitudes of millions of Brits, Nationwide suggests consumers are still reacting to the further two rate rises seen since August 2006.

“Consumers certainly seem gloomier about the present economic and employment situation as they face higher debt repayments than before the rate rises,” a statement in response to the February index from Nationwide read.

The Bank of England is to announce on Thursday March 8th whether interest rates will be increased again to control inflation and put further pressure on the finances of those Brits seeking to clear debt.