If the level of consumer confidence is any indication of where the future of the UK economy is headed, everyone needs to take cover.  Take into account just a few of the occurrences the country has had to endure over the past three years.  The short list includes, but is not limited to, an epic financial meltdown, poor wages, spiraling home values, sizeable job layoffs, extremely tight lending practices, and finally, uncontrollable rioting and looting in the streets of the Capital City.  This list is typical of what a country endures during a half century of its existence, not a few short years.  One result being the people of the UK face each day with caution, and maybe just as importantly, the country’s willingness to spend has stagnated.

One of the UK’s largest mortgage providers, Nationwide, maintains a Consumer Confidence Index.  The average index number is 79, but July’s reading was a dismal 49.  This was even lower than the June reading of 51.

Nationwide's chief economist Robert Gardner commented on the state of the confidence level in the UK, saying: ''With the economic recovery still facing strong headwinds it is unlikely that we will see any considerable improvement in confidence in the remainder of 2011.

''Indeed, it may be that we see a further deterioration in August, following riots in a number of UK cities and the sharp declines seen in stock markets around the world.''

The continued fall in house prices will not help confidence in the housing market either.  Nationwide said conditions remain challenging enough that confidence will not be rising anytime soon.