UK consumer confidence plunges to lowest level in a year

| July 14, 2010 | 0 Comments

The latest survey from the Nationwide Building Society has revealed a further fall in UK consumer confidence for the month of June.

The building society’s consumer confidence index plunged from 66 in May to 63 in June - the lowest level for a year, due to ongoing economic uncertainty.

However, the Nationwide highlights that the survey was conducted between May 24 and June 20 - prior to the emergency budget when massive spending cuts were announced.

Consequently, the Nationwide said confidence could be hit further in July as consumers digest the tough austerity measures.

In the meantime, the Nationwide said consumers are concerned about both the current and the future economic situation with the expectations index diving to 88, from 94 in May.

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