US and British consumer confidence hit new lows

US and British consumer confidence have sunk to new lows, raising fears about the prospects of a global economic recession.

British consumer confidence hit a seven year low in March while figures out of the US hit a 10-year low, raising concerns another recession in the US, analysts warned.

To date the US consumer has kept the economy ticking over while the manufacturing sector went into recession. Concerns over the war partly explain the downturn, but is not the full picture.