Experiences largest single fall in its three year history

Nationwide consumer confidence survey down

Interest rates and higher prices have caused the biggest decline in consumer confidence for three years during November, according to the latest consumer confidence survey from mortgage lender Nationwide.

The fall in confidence, down 12 points to 86, has amplified calls for a cut in the interest rate, which is currently at 5.75 per cent, in addition to adding to fears about the general state of the UK economy.

The report comes after a number of High Street retailers reported a slow down in spending, as well as footfall.

"Uncertainty about the effects of the credit crunch together with rising oil and food prices seem to be affecting feelings about jobs and the future economic situation," said Fionnuala Earley, Nationwide’s chief economist.

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