UK consumer confidence drops

A new survey compiled by the GfK Group for the European Commission Consumer has revealed that confidence in the UK has slumped to its lowest level since last year's crippling fuel crisis.

The survey - the Consumer Confidence Barometer - showed that consumer confidence fell to -5 in October compared with -1 the previous month and +6 in June.

While the robust nature of British shoppers has been one of the key props holding up the UK economy, the survey revealed that the terror attacks in the United States were beginning to have an adverse effect on the shopping habits of the British consumer.

The survey also revealed that 61 per cent of consumers expect unemployment to rise in the next 12 months

The report, which was compiled in the first three weeks of October, also showed that most of the alarm was concerned with an economic downturn and the stream of companies laying off workers.

However, while sentiment is weakening, the report said that consumers do not yet feel that their personal finances have been affected. (MB)

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