With financial market turmoil taking a big toll on the UK economy, it would be surprising if consumer confidence actually held steady.
In the month of November confidence plunged to a 4 year low, reflecting mortgage concerns and rising prices. The Bank of England will be meeting to decide on monetary policy next week and currently a rate cut is not expected. However it is important to be careful because the BoE is notorious for catching the market by surprise. We have seen many instances where the market did not expect a rate cut, yet the BoE delivered one anyway, so do not be surprised if the Bank of England actually cuts interest rates.