UK consumer confidence plunges in September

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

The building society’s consumer confidence index plunged 9 points to 53 in September - its lowest level in over a year.

Commenting on the survey, Nationwide chief economist Martin Gahbauer, said the forthcoming spending cuts continue to have a negative impact on the public mood.

He added that confidence is expected to remain “volatile” until the full impact of the Government’s spending cuts was unveiled.

In the meantime, the Nationwide said consumers are also concerned about the future economic situation with the expectations index diving 14 points to 85 - a level not seen since November 2008.

The figures come just a day after the British Retail Consortium (BRC) said retail sales growth eased in September.

The BRC said consumers are holding off purchasing big-ticket items as they prepare themselves for the forthcoming spending cuts.

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