By Daniel Hunter

Consumer confidence in the UK is at its highest level for almost 13 years, according to the latest survey by consumer research group GfK.

Gfk's Consumer Confidence Index rose three points to +4 in March. There has been an eight point rise over the last three months and a nine point increase on March 2014.

All five of the Index's key indicators saw monthly and yearly increases in March. Confidence over the general economic situation over the last 12 months was the strongest riser - at +1 it was up by four points from February and -15 last year.

The survey also indicated that consumers are more confident about the economy in the coming 12 months, as well as their personal financial situation for the previous and coming 12 months. The Index shows that consumers are also more confident about making major purchases - things like furniture or electrical goods.

Nick Moon, Managing Director of Social Research at GfK, says: "Reaction to the budget has thus far been muted, but if people warm to it over the next few weeks then we may well see a further increase in the Index next month. A consistently rising Index in the run-up to the election is likely to be good news for the government.”