Consumer confidence 'damaged by eurozone crisis'

A new study from price comparison site uSwitch.com has found that consumer confidence could be being damaged by the ongoing eurozone debt crisis.

The Engineering Employers Federation recently warned that confidence drops could have a very negative impact on the national economy, but the British Retail Consortium expressed confidence that an upturn in the weather would alleviate these concerns.

Indeed, the latest High Street Sales Tracker from BDO indicates that high street spending rebounded in May, with a 1.3 per cent year-on-year growth in like-for-like sales across medium-sized chains.

However, personal finance expert at uSwitch.com Michael Ossei suggested that consumers will be attempting to rein in their budgets still further with the uncertainty hanging over Europe.

"While Britain isn't directly in the path of the storm, consumers are still concerned about the damage that could be left in its wake. Many are already looking at the potential impact," the expert commented.