Press Release Summary: The UK economy is running through a critical phase due to the credit crunch and unavailability of loans without security. The consumer morale has dipped down to its lowest.
Press Release Body: London (Ask4loan) March 01, 2008: Consumer morale in the UK fell to its lowest in more than 13 years in February as households grew cynic about the economy. The denial by the giant lenders to offer unsecured loans is a prime factor of this consumer frustration. According to a recent survey, the consumer morale is at its lowest ebb since the recession of the early 1990s.
The figures will make a grim reading for the political machinery and the UK government who have taken some positive steps to give a boost to Britain's economy. They were telling earlier that the Britain's economy is in a good position to withstand the global credit crunch. In a desperate effort, The Bank of England has cut rates twice in the space of three months, bringing them down to 5.25 percent, but there is no significant change in the market situation.
Consumer confidence barometer slid to -17 in February from -13 last month, the lowest reading since December 1994. Although some financial surveys have confined the slash to a modest limit of -14, it can be undeniably said that there is a widespread negative attitude in the consumers. The Britons are not alone in the trap of squeezed credit and rising household bills. Consumers across the Europe are more or less facing the same situation. In France, the consumer confidence barometer fell in February to its lowest since records began more than two decades ago.
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