The Nationwide has reported that consumer confidence continued to deteriorate in February and has now reached its lowest level in the history of its Consumer Confidence Index.

The mutual says the fall in expectations towards the future was the main factor driving the Index down, and consumers’ assessments of the present situation deteriorated slightly from already depressed levels. Spending confidence also fell significantly during the month.

Robert Gardner, Nationwide’s chief economist, said: “There are many factors that may be holding back confidence at the moment. The labour market remains fragile