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UK consumer confidence ‘stuck in a rut’ in July

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British consumers´ spirits seem to be stuck in a rut along with the economy, according to GfK´s latest survey results.

This comes as the economy is in its third consecutive quarter of economic contraction and the worst double-dip recession since modern records began.

According to the survey, UK consumer confidence remained unchanged at -29 points in July, as expected by the market consensus, although that is two points worse than at this same time last year.

The outlook for Brit´s personal finances over the next 12 months edged up to -8 from -9 the last time around, along with gauges measuring the climate for undertaking major purchases (to -26 from -28) and expectations for the economy in the next 12 months (to -26 from -28).

However, Nick Moon, managing director of social research at GfK, said “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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