British consumer confidence at low

British consumer confidence fell to its lowest level this year in August, suggesting higher interest rates are curtailing sentiment, a survey showed.

An index of consumer optimism fell to minus 5 from minus 3 in July, according to a survey by research company Martin Hamblin GfK.

“The five rate rises since November are beginning to bite, and the results of the consumer confidence survey add fuel to this theory,” said GfK finance director Monique Hellel.