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UK consumer confidence plunges to 15-month low

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by Kay Mitchell

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

The building society’s consumer confidence index plunged from 63 in June to 56 last month – the lowest level since May 2009, due to the Government’s tough austerity measures.

The Nationwide said the survey of 1,000 people was conducted between June 21 and July 18 – shortly after the emergency budget when massive spending cuts were announced.

Commenting on the survey, Nationwide chief economist Martin Gahbauer, said: “There appears to be a growing concern among consumers as to their level of disposable income in the months ahead.

“July will have been a time for many consumers to reassess their individual circumstances following the chancellor’s emergency budget, and inflationary pressures, such as rising food and fuel costs, may now be leading to more negative sentiment,” he added.

The Bank of England is today scheduled to publish its quarterly update and economists expect the Bank to downgrade 2011 growth forecasts.

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News posted: August 11, 2010

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