"Consumers are growing anxious about the state of the economy and their own personal finances as George Osborne's package of spending cuts looms, according to a study of confidence published today.

"The report followed the release of three pieces of data yesterday - a drop in mortgage approvals, weak consumer credit and a decline in output from the service sector - that heightened fears that the economy has entered a new slow patch.

"The latest snapshot of consumer confidence from GfK NOP found that August's pick-up in sentiment had proved short-lived, with the index dropping two points to minus 20."

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