Friday 21st October 2011 Consumer confidence in the UK has reached a point close to its all-time-low as a fourth successive monthly fall has been recorded by the Nationwide Consumer Confidence Index.Households are struggling to cope with weak economic growth, rising unemployment, and further fears about a double-dip recession; factors which have combined to place consumer confidence a mere four points above its record low back in February.The survey revealed 80 per cent of households are concerned there will be no improvement over the next six months.Robert Gardner, Nationwide’s chief economist told This is Money: “The economy has hardly grown in 2011 and pressure has continued to mount on household budgets.”Mr Gardner suggested ‘recent signs of concerted action’ by politicians and policymakers may bolster sentiment in the months ahead. He added, “This could translate into increased consumer confidence if people believe these efforts will be successful in lifting the economy out of its current malaise.”Sir Mervyn King, Bank of England Governor, told households earlier this week that they could anticipate that the high cost of living should have been alleviated somewhat next year.
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