In January, Consumer Confidence In The United Kingdom Fell Sharply By &Nbsp; VAT Raised.

2011/2/16 16:36:00 67

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A survey released on Wednesday by the Nationwide Building Society showed that Britain was in January.

Consumer

Confidence has fallen sharply, because the rise in vat has hit buyers' willingness to spend.

According to Nationwide, seasonally adjusted consumer confidence dropped to 47 in January, down from 54 in December, slightly higher than the 20 month low of 46 in November.

Expenditure sub item

index

The decline was particularly notable, down 20 points to 70. and the expected sub index fell 10 points to 63.

The current sub index is also weakening.

"Family confidence is still in the doldrums.

"Martin Gahbauer, chief economist at Nationwide, said,"

Consumer

Confidence appears to be under pressure from the VAT increase and inflationary pressures.

Since January, the British government has raised the value added tax of most goods and services from 17.5% to 20%, which is part of the fiscal consolidation plan.

Analysts expect the growth of household income this year will be extremely weak.

Consumer price index (CPI)

CPI

The increase has already been easier than the salary increase.

In January, CPI rose by 4% to over two years, while the annual salary increase was around 2%.