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Consumer confidence at lowest level

Consumer confidence has dropped to an all time low, according to market research.

GFK Nop Index said that UK confidence dropped 5 points in July to minus 39, which is the lowest recorded since the first survey in 1974.

Confidence in the economy over the next 12 months dropped by seven points in July to minus 52, down 39 points on the same period last year.

Donna Culverwell in GFK Nop's consumer confidence team said: "With the cost of living still on the increase, the housing market in a depression and reports of possible further increases in energy prices, levels of confidence amongst consumers are not surprisingly low, especially among women or those over 50."

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