Optimism among British consumers about the future of the economy has risen to the highest point for over a year, according to data released by the Nationwide's Consumer Confidence index.

The confidence index rose from July's 61 to reach 63 in August - the highest figure since May 2008.

The survey indicates that consumers have a greater willingness to spend as economic data suggests the UK recession may be approaching its end.

"This is no surprise, as a number of key economic indicators continue to show that we may have reached the bottom of the current recessionary cycle," said Martin Gahbauer, Nationwide's chief economist.