Consumer optimism drops to three-year low

A Mori poll published in the Times newspaper has revealed that consumer optimism in the UK dropped to a three-year low in August.

Mori's economic optimism index, which measures how people expect the economy to perform over the next 12 months, has dropped to minus 31, a 16-point fall since the end of July.

According to Mori, the people most worried about the economy are professionals and managers, and people who live in the Midlands and Wales, areas which have been hardest hit by the slowdown in the manufacturing sector.

The poll comes after the Bank of England showed that lending to individuals through mortgages, credit cards and other loans grew by a record £6.1bn in July.

Analysts believe the news is yet another indication that Britain's current economic health, largely dependent on consumer spending, may be on the wane. (MB)

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