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Consumer confidence falls ‘significantly’ amid UK finances negativity

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Consumer confidence has fallen significantly amid negativity surrounding the state of the UK’s finances, according to a poll for the British Retail Consortium (BRC).

Consumers’ expectations for their personal finances over the next three months has dropped to a score of minus six from positive one just a month ago, according to the BRC-Opinium Consumer Sentiment Monitor poll of 2,000 UK adults.

Confidence in the state of the economy has also worsened significantly to minus 21, down from minus eight in August.

However confidence in personal spending on retail improved one point to minus eight, despite confidence in personal savings falling five points to minus nine.

The BRC, which has made the monitor public for the first time this month – and will continue to publish it, said consumer confidence appeared to be falling ahead of next month’s autumn Budget.

BRC chief executive Helen Dickinson said: “Retailers could face a turbulent few months as consumer confidence fell significantly in September.

“Negative publicity surrounding the state of the UK’s finances appears to have damaged confidence in the economic outlook, particularly among older generations.

“Despite this, expectations for future retail spending, while negative, did not yet appear to have been adversely affected, with many consumers expecting to reduce the amount they save instead.”