UK consumer confidence plunges to 20-month low

| December 17, 2010 | 0 Comments

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

The building society’s consumer confidence index plunged 7 points to 45 in November - this represents the lowest reading since March 2009 - when the UK was in the midst of recession.

According to the Nationwide, the figures reflect consumers’ fears over Government spending cuts.

In the meantime, the Nationwide said consumers are also concerned about the future economic situation with the expectations index diving to 61 in November, from 70 the previous month - again the lowest since March 2009.

The spending index fell 13 points to 79 - the lowest reading for two years.

Commenting on the survey, Nationwide chief economist Martin Gahbauer, said: “The Spending Review may well have been a contributing factor to this shift, as consumers digested the impact of this on their own situations.”

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