Eurozone on a new downer as recession looms

Confidence plunged again in the eurozone this month as austerity bites and the single-currency bloc heads towards an all-but-inevitable recession, the European Commission has warned.

The deeper-than-expected slide in its April confidence measure comes two weeks ahead of official figures, expected to confirm a double-dip after a 0.3% slide at the end of last year.

The picture contrasted with a slight improvement in the Nationwide’s UK confidence index for March, although chief economist Robert Gardner warned the rise could prove “short-lived”.