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Consumer confidence 'on the up'

The confidence of UK consumers went up last month, thanks to an improvement in their economic outlook, the latest figures show.

A lack of financial confidence may have encouraged some people to build up a safety net for themselves in recent months with the help of a savings account.

However, the latest readings from GfK NOP indicate that people's confidence rose by one point in September to reach a level of minus 30.

This improvement followed three months of falling confidence.

People's confidence went up during the month in relation to both their personal finances and the general economy.

Nick Moon, managing director of GfK NOP Social Research, said: "The index's one-point rise this month is not statistically significant, but it is psychologically important as it halts the decline of recent months."

He added that people have become a bit more optimistic about the state of the overall UK economy.

Copyright © Press Association 2011

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