UK consumer confidence tumbles in March

Consumer confidence in the United Kingdom surprisingly slipped in March as people became more pessimistic about the economic outlook.

The GfK NOP consumer confidence index slipped one point to minus 15 in March following two uninterrupted months of growth.

The index also showed that consumers' willingness by purchase expensive items such as cars fell one point to settle at minus 17.

People's assessment of their personal financial situation over the next twelve months tumbled 2 points to 4.

Households fear that potential cuts after the general elections would be bigger than those made by Thatcher Government in 1980s.

Declining consumer confidence may hurt Prime Minister Gordon Brown as the general elections are drawing near.

Speaking on the topic, GfK NOP Social Research MD Nick Moon said, "With the election only weeks away the government will be disappointed that consumer confidence has slipped."

The GfK NOP surveyed 2,000 people from March 5 to March 14.