© Dukascopy Bank
"Right to the end, 2011 was an extremely tough year for UK consumers"
- Robert Gardner, Nationwide's chief economist
U.K. consumer confidence slid in December as consumers became less optimistic on the outlook of the country's economy, estimated the Nationwide Building Society. An index of sentiment decreased to 38 from 40 in November.
"While disappointing, the results are not surprising. Right to the end, 2011 was an extremely tough year for UK consumers," said Robert Gardner, Nationwide's chief economist.
"The cost of living continued to rise at more than twice the rate of underlying wage growth, putting further pressure on household budgets and bearing down on sentiment."