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Consumer confidence fails to lift in July

Consumer confidence in the UK remained at a low level in July despite government measures aimed at boosting the economy and the prospect of hosting the Olympic Games.

GENERAL MERCHANDISE

Consumer confidence fails to lift in July

Consumer confidence in the UK remained at a low level in July despite government measures aimed at boosting the economy and the prospect of hosting the Olympic Games.

The GfK NOP consumer confidence index held steady at -29, in line with analysts’ forecasts.

The index measuring changes in personal finances over the last 12 months remained at -23, only slightly higher than the -25 level seen a year ago.

The forecast for personal finances over the next twelve months increased one point to -8, only  four points higher than this time last year.

The expectations reading for the general economic situation over the next twelve months increased one point to -30, three points lower than in July 2011.

Interviewing was carried out from 6 to 15 July, before official data last week showed that the economy performed worse than expected in the second quarter of 2012 and had contracted at its sharpest pace in more than three years.

Nick Moon, managing director of Social Research at GfK, explained: "According to the latest GDP figures, the economy has suffered a further 0.7 per cent decline between April and June. This is the third quarter in a row the economy has contracted, meaning the UK is now stuck in the worse double-dip recession since modern records began. It is not surprising therefore that the Index has remained the same this month, as consumer confidence remains as stagnant as the economy."

He continued: "Things are looking very bleak for the government. This is the third month in a row the Index has not changed and consumer confidence has been stuck between -29 or -31 for the last seven months. This is a clear indication that all attempts by the Government to improve the situation in the UK aren’t making any impressions on the public mood."

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