Consumer confidence is at its highest level in ten months since the Bank of England announces its recent base rate cuts, it has been revealed.
According to a survey by a leading market research and consumer insight agency, GfKNOP, consumer confidence is at its highest level since May 2008 after recent figures released by the Bank of England revealed that the number of mortgages approved in February increased by £1.5 billion in net lending.
It is believed that the improvement of home loan approvals is due to the recent fall in interest rates.
Rachel Joy, a spokesperson for GfK NOP said: “[Confidence] still remains historically very low, but this suggests that lower interest rates and a better picture for household bills are restoring some confidence among UK consumers."
However, Brits are being informed that this does not signify that the UK is out of recession.
Seema Shah, property analyst at Capital Economics said: "Unfortunately, given the exceptionally weak economic outlook, a very modest recovery in the number of mortgage approvals is probably the best we can hope for this year."
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