Consumer confidence fell yet again in November, despite the Bank of England's interest rate cut along with falling fuel and food costs.
The Nationwide Consumer Confidence Index fell to 50, down from 56 in October, with almost half of respondents expecting the economy to worsen over the next six months.
Three quarters of the respondents claim they thought the economic situation was bad, some 45 per cent expected the situation to get worse, up from 38 per cent in October.
Twenty-two per cent thought it would be better in six months time and 65 per cent per cent said they thought their household income would not change.
Fionnuala Earley, Nationwide's chief economist, said: "Consumer confidence dropped again this month against the backdrop of an emerging recession in the UK and continued global economic uncertainty.
"Reports of job cuts have almost certainly impacted on sentiment about the present and future employment situation, causing purse strings to tighten further, even as the festive season gets underway. It remains to be seen whether the chancellor's recent announcement will greatly improve consumer confidence."
Nationwide's survey is based on interviews with 1,000 people.
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