/24-7PressRelease/ - LONDON, UK, May 23, 2008 - Of late all the major sectors in the British economy—like insurance, property, finance and banking—have slumped down on the confidence quotient. According to the findings of the newest quarterly analysis by the group of 984 chartered accountants, the mood in property sector nose-dived to almost the lowest state ever recorded.
In comparison to the previous quarter's confidence index of -7.2, the figure rose dangerously to -19.7 this quarter. A figure of +100 indicates that most of the respondents believe in bright future possibilities. On the other hand, a figure of -100 means exactly the opposite.
"Nowhere in the UK is business immune to the fall-out from recent issues in the global financial markets. Significant domestic developments such as falling house prices only reinforce the concerns," Michael Izza from the Institute of CEO reported.
Howsoever, major section of the analysts still believes that the economy will grow during the year. Despite all this show of confidence by the experts, the consumer confidence slackened due to the slowness shown by the sectors like hotels and retail. Super market ASDA, a part of the Wal-Mart retail stores, has put some discouraging figures, which clearly show the slump in the confidence of the consumers.
The ASDA's periodic 'income tracker' proved that the average British family was 1 per week below than a year ago. Surprisingly, the average income without taxation has increased by 27 during the same period. But this growth stands undone in the face of 28 rise in the costs of general utility items like housing, transport and food.
Driven by this jump in the costs of household utilities, the average family's expenditures have gone up by 5.7% during the past one year.
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