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"Optimism has not been lifted by pre-Christmas spending and it is hard to see grounds for a recovery in confidence in the near future"
- Nick Moon, GfK Social Research managing director
U.K. consumer confidence slid further in December as the country's habitants became more pessimistic on the outlook of the economy. An index, which measures consumers' sentiment, dropped to -33 from -31 in November, said a market research agency GfK NOP.
"Optimism has not been lifted by pre-Christmas spending and it is hard to see grounds for a recovery in confidence in the near future," Nick Moon, GfK Social Research managing director, said in a statement. The decline in the economic outlook "will make chilling reading for the government and British businesses."
"Consumers are continuing to hold off on purchasing big ticket items, including durable household goods, preferring to use their hard-earned cash to stock up for Christmas dinner and all-important gifts for the family," said Judith McKenna, chair of the CBI survey's panel and Asda's chief financial officer.