UK Consumer Confidence deteriorated for the fourth straight month in June according to a survey from GfK, a market researcher. A gauge of the overall economic situation in the coming 12 months dropped to the lowest in 13 months while the one tracking the climate for major purchases fell to levels unseen since August 2009. GfK managing director Nick Moon attributed the drop to worries about the impact of austerity measures including spending cuts and tax hikes introduced in an emergency budget earlier this month. The government plans to trim the fiscal deficit by a hefty 6.3 percent of GDP by 2014-15.
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