UK consumer confidence falls to 18-month low
The latest survey from the Nationwide Building Society has revealed a further fall in UK consumer confidence for the month of October.
The building society’s consumer confidence index lost just one point to a reading of 52 in October but this level has not been seen since March 2009 – when the economy was in the midst of its worst recession in decades.
According to the Nationwide, the Government’s spending cuts were attributed to the fall as consumers become concerned over the economic situation and job security.
In the meantime, the Nationwide said consumers are also concerned about the future economic situation with the expectations index also falling to an 18-month low of 70 – after reaching a high of 120 earlier this year.
Commenting on the survey, Nationwide chief economist Martin Gahbauer, said: “We saw a significant drop in confidence the previous month, and the underlying anxiety around the strength and direction of the recovery appears to remain.”