UK consumer confidence falls

UK consumer confidence has fallen by its biggest ever percentage in July, and the latest figures follows a list of disappointing surveys and official economic data, which reinforces the point that the economy is in a slowdown.

The slump in house prices, soaring food and fuel bills and increasing job losses saw Nationwide’s consumer confidence index fall to 51, down from 61 in June.

Fionnuala Earley, Nationwide’s chief economist, said that with falling oil prices and lower fixed mortgage rates is seems as though there is prosperity round the corner.

However, of those polled in the survey, 61 per cent believe the current climate is bad and 85 per cent believe that it will be as bad or worse in six months.

42 percent of people surveyed predicted there will be fewer jobs available in six months time.

The latest figures follows a list of disappointing surveys and official economic data which indicates a slowdown or even a mild recession and the economy is likely to continue to struggle over the next year.

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