Plunge in consumer confidence

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The GfK NOP barometer of UK confidence scored minus 24 this month, down five points from March and the lowest mark since November 1992.

Researchers said news dominated by stories of recession, the credit squeeze and never ending fuel and food price increases were to blame for the misery. It is the eight month in a row that the confidence measure has fallen.

GfK spokeswoman Rachael Joy said shoppers needed a hefty interest rate cut to help them combat the squeeze on their budgets.

She said: "This month's drop has been mainly driven by dropping confidence in the general economy over the last 12 months. With the news dominated by stories of recession, the credit crunch, housing market falls, and future petrol and food price increases, it will take more than a quarter point reduction in interest rates to alleviate the current gloomy mood of the UK consumer."

Petrol prices have risen by nearly a fifth in the past year as crude oil has soared in value. Diesel drivers have been even worse hit with the fuel 25% dearer than a year ago. A survey last week also revealed that food bills for the average family had gone up by £800 a year in the last 12 months.

On the housing front, mortgage approvals for people buying a new home fell to a record low last month as the credit crunch continued to impact the market.

GfK said all five of its confidence measures had dropped as a result of the economic 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 10 points to minus 53, approaching the previous low of minus 55 seen in March 1993. Expectations for the general economic situation over the next year also dropped to minus 38, the worst figure since the early 90s' recession in October 1992.

The overall gloom saw the measure of the appetite for major purchases continue to fall, with the index dropping three points this month to minus 24. This is the worst reading since November 1990 when the score was minus 25.