Confidence close to rock bottom

CONSUMER confidence has edged higher this month but remains close to record lows. The long-running consumer confidence index by research group GfK ticked up to minus 44 from minus 47 in October and minus 49 in September.

It stood at a better – but still gloomy – minus 14 a year ago.

Analysts said that while the rise from September’s lows was welcome there was little to celebrate.

Joe Staton, at GfK, said: ‘This month’s fillip is likely to reflect nothing more than a collective sigh of relief as a new prime minister takes charge. External factors have changed little and, with UK inflation recently hitting a new high, more bad news is inevitable.

‘Consumers are looking for a festive cocktail of certainty and optimism not this mishmash of austerity and pessimism. Good news remains in short supply as many people struggle during this protracted and painful cost-of-living crisis.’