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Consumer confidence edges up in October

Consumer confidence rose by one point in October, according to the GfK NOP Consumer Confidence Index.

The one point rise took it to -19, six points lower than this time last year.

October saw increased confidence in personal finances, and confidence in the “general economy” over the last 12 months.

Nick Moon, managing director of GfK NOP Social Research, said: “As with this week’s economic growth figures, this small rise in consumer confidence for October is really only the prelude to what happens next.

“Confidence has remained reasonably consistent since June but this could change as the public comprehends the full impact of the Government’s cuts. Should November’s figures show a significant drop, it would suggest that a double-dip recession had become more likely.”

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