Live updates

Advertisement

Advertisement

UK consumer confidence takes biggest drop since 1990

In July, UK consumer confidence took its sharpest decline in since 1990. Credit: PA Wire

UK consumer confidence fell to -12 in July from -1 in June - the biggest drop in 26 years, according to a poll by market researchers GfK.

The survey of 2,000 people found increased concerns about the economic outlook has dented the confidence of UK households and manufacturers.

The report found that people were on average more pessimistic about their finances, the economy, and whether or not now was a good time to make big-ticket purchases such as household appliances and furniture.

Consumers in post-Brexit Britain are reporting higher levels of concern this month. We’ve seen a very significant drop in confidence, as is clear from the fall in each of our key measures, with the biggest decrease occurring in the outlook for the general economic situation in the next 12 months.

– Joe Staton, head of market dynamics, GfK

Miliband: Consumer groups to help fix 'broken markets'

Labour leader Ed Miliband said consumer groups would be given a greater role in identifying and fixing "broken markets" if his party won the next General Election.

Labour Party leader Ed Miliband. Credit: Dave Thompson/PA Wire

Mr Miliband told BBC1's Andrew Marr Show he would legislate to ensure Which? and Citizens Advice would be given a say in setting the agenda of the Competition and Markets Authority.

He claimed Labour would be "the party of the consumer" and the plan for an annual competition audit of the economy would help ensure that areas where regulators were failing would be identified and tackled.

The Labour leader said: "Unless you bring the consumer into the heart of these things, we are not going to get the change we need, we are not going to get the change we need, we are not going to shine the light on these broken markets."

He added: "The Competition and Markets Authority scrutinises competition across the board. They will be working with Which?, the CAB and others to say 'where are the areas where competition isn't working, what are your members telling you about where we need to act?'

"They will be sending a report to Parliament and it will be framing the work for the year ahead."

Load more updates