If you haven't had the opportunity to catch up with the Telegraph this morning, then here is an article they published with reference to a continued upturn in the UK economy. . . . UK consumer confidence has reached its highest level in more than a year amid fresh evidence that the economy is pulling out of the worst recession in decades. An index of sentiment jumped to 63 last month, the highest level since May 2008, from 61 in July, according to the latest survey from the Nationwide Building Society. The findings come a day after the National Institute of Economic and Social Research said that the economy has started growing again. Its announcement coincided with figures showing that the manufacturing sector was enjoying its strongest growth for 18 months, that consumer confidence was recovering and that the jobs market was improving for the first time in almost a year and a half.
“Consumers are beginning to feel more positive not only about the future, but also about the present situation,” said Martin Gahbauer, chief economist at Nationwide. “A number of key economic indicators continue to show that we may have reached the bottom of the current recessionary cycle.”
The Bank of England's Monetary Policy Committee meets tomrrow and is widely expected to keep interest rates at a record low of 0.5pc as the central bank tries to cement a recovery. Mervyn King, the Bank's governor, has signalled his intent to expand the programme of printing money in a sign he's far from convinced about the durability of a recovery. Nationwide's survey also found that Britons’ assessment of their present situation is brightening, with a measure rising 1 point to 17. A gauge of their willingness to spend also rose to 97 from 96. The survey's index of people's expectations also climbed 3 points to 94. Despite evidence that the economy's sharp contraction has eased, many economists are still expecting a sluggish recovery as banks rein in their lending and consumers struggle with the spectre of unemployment. Further reading: This article confirms other similar articles and economic data that we have published over the last few months, reference to which can be read below: