Consumer confidence at 15-year low

The GfK NOP barometer of UK confidence scored minus 19 this month, down two points from February and the lowest level since February 1993.

Researchers said fears of a recession in the US and a corresponding downturn in the UK, as well as wild swings in the stock market have created the gloomy sentiment.

GfK spokeswoman Rachael Joy said: "Consumer Confidence again continues its downward trend for the seventh month in a row.

"With news reports of possible recession in America, fears of recession in the UK, and stock market fluctuations, the consumer's gloom is growing.

"We will see if the budget announcements made this month improve the mood of the consumer over the next few weeks."

US policymakers have made a series of hefty interest rate cuts over recent months in a bid to kick start the economy. The moves have fuelled fears that the country could be falling into its first recession for around six years, dragging down other economies around the world.

Official figures show the UK economy grew by 0.6% in the final three months of 2007, compared to 3.1% total growth for the year.

GfK said all five of its confidence measures had dropped as a result of the concerns, with the indices relating to general economic outlook faring the worst. The measure for the general economic situation of the country during the last 12 months dropped three points to minus 43, the lowest level since April 1993's mark of minus 51.

Expectations for the general economic situation over the next year also dropped to minus 32, the worst figure since the early 90s' recession in October 1992. The gloom saw the measure of the appetite for major purchases plumb new depths, with the index dropping two points this month to minus 21. This is the worst reading since December 1990 when the score was the same.