The head of Next, Britain's second largest clothing retailer, said he expected the UK consumer mood to remain subdued in 2012. "I don't think things are going to get any worse than last year, they may get slightly better, but I don't think they're going to get a lot better," Chief Executive Simon Wolfson told Reuters on March 21.
He said the benefit to the British consumer of falling inflation was being offset by unemployment and tight credit availability. He is also worried that a worsening of the euro zone debt crisis will hit UK consumer sentiment.
Wolfson, a prominent supporter of Britain's ruling Conservative Party who sits in the upper house of Parliament, said the most important aspect of finance minister George Osborne's Budget statement was that it was balanced.