Confidence falters among consumers

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The Independent Online

British consumers are growing increasingly worried about the future, a poll suggests today.

The Nationwide Building Society's consumer confidence index fell for the third month in a row in July. It dropped by seven points to 56 – its lowest level for more than a year.

Martin Gahbauer, the chief economist at the Nationwide, said yesterday: "Consumers continued to show caution towards the strength of the economic recovery during the month of July."

He added that the falls had "largely been fuelled by uncertainty as to what the next six months hold".

Britons are concerned their disposable incomes will fall over the coming months. The number of people who believe their income will be lower six months from now is at its highest level since Nationwide introduced its survey in 2004.