Consumers hold on to their cash as confidence drops yet again

Consumers seem set on “self-imposed” austerity as their confidence in the economy and their own financial situation continues to deteriorate.
According to GfK, consumer confidence fell by two points in June to -9, marking two-and-a-half years in negative territory. And there is even more bad news for Britain’s struggling retail sector, with consumers’ propensity to make a purchase falling by a point to 0.
The economic mood in particular remains in the doldrums, with consu