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Confidence is the factor we need to monitor!

Over the last few months we have seen an array of contradictory economic indicators, many of which have been reviewed and adjusted at a later date, but at the end of the day is the situation regarding the UK economy any clearer?

The simple answer to this is no. While retail sales will ultimately mark the end of the UK recession one of the main factors we need to monitor and review on a regular basis is consumer confidence and business confidence. As we have seen in years gone by, it is very easy for consumers and businesses to talk themselves into a boom time and also talk themselves into a gloom time. It is the need to maintain a balance of the confidence factor which will be the biggest test for the likes of Alistair Darling and Gordon Brown. Without confidence in the UK economy it will be very difficult, if not impossible, to create an environment in which the economy can begin to grow.

So where does this confidence come from?

One of the more vital factors to consider is the employment market which will give UK consumers and UK businesses more confidence in the future, more confidence in their spending habits and ultimately in due course put more money into their pockets. While it may sound easy, instilling confidence into a battered UK consumer market and business arena will not be easy!

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