British consumer confidence dips again

British consumer confidence fell for a sixth month running in June as the economic outlook darkened, but Britons showed little…

British consumer confidence fell for a sixth month running in June as the economic outlook darkened, but Britons showed little sign of reining in spending, a survey showed today.

The Nationwide consumer confidence index fell four points to 61, taking it to the lowest since the series began in May 2004.

Nevertheless, the spending sub-index remained steady at 60 and the percentage of respondents who thought now was a good time to make a major purchase rose four points to 18, the highest level since July 2007.

There was also little sign that the economic gloom was translating into greater job insecurity.

Thirty-seven per cent of respondents thought jobs would be plentiful in six months' time, the second consecutive monthly rise.

The biggest change regarded the economic outlook with 53 per cent of respondents expecting things to be worse in six months' time. That compared with 46 per cent in May and just 29 per cent a year ago.

"This month's drop in confidence is to be expected given the recent run of bad news," said Fionnuala Earley, Nationwide's chief economist.

"With reports of rising inflation rates, weaker economic growth and further falls in house prices, it is not surprising that people are feeling much less optimistic about the future."