British Consumer Confidence Hits All-Time Low

British consumer confidence has hit a record low after big rises in the cost of living and falls in property values, new figures show.

According to a survey by the British Retail Consortium a third of Britons have major concerns about the economy.

The poll of more than 1,000 consumers found 60% thought job prospects were either bad or not as good compared with 50% last year.

More than half (57%) thought their personal finances would be bad or not as good over the coming 12 months compared with 46% six months ago.

On top of this three quarters believe now is not a good time to spend their money but hang on to it.

The BRC attributed the fall in confidence to increasing concern about job prospects, personal finances and spending power.