BUZZ-Yield-starved FMs eye payout from UK consumption

** UK-focused buyside says mkt underestimates boost to wallets as slide in oil, lower food prices and falling unemployment all point to busier times at checkout counters

** Income funds, in particular, looking beyond dividend stalwarts where in some cases payouts look vulnerable or stocks appear richly valued

** Premier AM's head of UK equities Chris White points out bluechips such as GlaxoSmithKline (Other OTC: GLAXF - news) , Vodafone, StanChart (HKSE: 2888-OL.HK - news) & Centrica could see dividends heading lower in next year or two

** Tesco (Xetra: 852647 - news) already cut, muddies outlook for peers Sainsbury & WM Morrison

** Income, generally, hard to come by; corporate bonds increasingly unattractive, e.g. Unilever (NYSE: UL - news) last wk issued 750 mln euro 7-yr bond, coupon just 0.5 pct

** Travel food group SSP, cash-and-carry wholesaler Booker & Howden Joinery among consumer-related stocks held by Old Mutual UK Equity Income Fund

** Premier AM's White recently bought TUI Travel ; to benefit from merger with German parent & more affluent consumer, marginal oil boost

** Owns transport co National Express (LSE: NEX.L - news) , sees fillip from oil price hedges rolling off in 12-18 mths; operates in Spain, where economy is improving, & US$ strength a plus (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)