Confidence unchecked by interest rate rise

Confidence unchecked by interest rate rise

Friday, May 28, 2004

The consumer confidence headline index has not changed this month and stands at -2 for the second month running. This flat response is despite the Bank of England interest rate rise to 4.25% earlier in the month.

The survey, by Martin Hamblin GfK on behalf of the European Commission, said the index stood at one point higher than the same period last year but was above the annual average, which smoothes out the peaks and troughs seen on a monthly basis.

Roger Wright, Director of Martin Hamblin GfK commented, “The index has shown no change in May despite the Bank of England interest rate rise to 4.25% earlier in the month. However, we may not have seen the full impact of this decision on consumers yet with widespread anticipation of further rises.”

A further interest rate rise in June looks increasingly likely, reported Reuters this morning, after strong housing market and manufacturing data suggested the Bank of England may need to take further action to cool the economy.

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