British consumer confidence rises

London: British consumer confidence jumped the most in 18 years in May as Britons became less pessimistic about their finances and the economy, a report by GfK NOP showed.

An index of sentiment rose 10 points from April to minus 21, the highest in five months, the London-based research group said.

That’s the biggest increase since May 1993 and lifts the gauge from a level equal to that seen in the depth of the recession in February 2009.

A separate report from Nationwide Building Society showed house prices rose more than economists forecast in May. Still, both GfK and Nationwide said the reports may not be the beginning of a pickup in spending, citing the squeeze on households from accelerating inflation and concerns about the government’s budget squeeze.