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UK consumer confidence bounces back

Consumer confidence in the UK bounced back in September despite credit crunch fears, according to a survey by Nationwide.

The building society's monthly consumer confidence index rose five points to 99, after reaching its lowest level in four months in August.

But most responses to the survey came before the Bank of England's decision to provide Northern Rock with emergency funding.

The report found consumers were particularly optimistic about employment, after 60% of those surveyed said their outlook regarding jobs was positive and 45% said they were feeling confident about the state of the economy.

Expectations that the Bank of England would continue to raise interest rates, currently at 5.75%, have been dampened down, with analysts speculating that the Bank may cut rates before the end of the year.

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