(RTTNews) - U.K. consumer confidencedropped for the third straight month in May amid the uncertainty in the formation of the coalition government, results of a key survey showed Friday.
The consumer confidence index fell to minus 18 from minus 16 in April, a survey by GfK NOP revealed. Economists had expected the reading to stay at the previous month's level. It is the lowest reading since December 2009. The index has fallen off from February's minus 14, but remained well above its year-ago reading of minus 27.
Consumers were more confident about their personal financial situation in the last 12 months. The corresponding index edged up to minus 13 from minus 14. That said, their sentiment regarding the future financial situation eased sharply with the indicator falling to minus 3 from 2.
Britons' view on the general economy also improved in May and the indicator rose to minus 45 from minus 47. Their assessment for the next six months dropped significantly as the corresponding index fell to minus 9 from minus 1. Further, consumers were less confident about making big-ticket purchases and the relevant index slipped to minus 21 from minus 20.
"These figures are clearly not good news for the coalition government, especially with mounting speculation about double dip recession," said Nick Moon, managing director of GfK NOP Social Research. "With considerable cuts in public spending, plus higher taxes on the way, it is hard to see the confidence index improving significantly in the near future."
Consumer sentiment is now similar to the level of early 2008 when the embattled mortgage lender Northern Rock was nationalised, the market research group noted. The collapse of the lender in mid-2007 had led to a bank run in the U.K., a first in many decades.
The survey, conducted by the GfK NOP on behalf of the European Commission, was carried out among a sample of 2002 individuals. Participants were interviewed between April 30 and May 16.
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