Britons continue to be at a threat of high inflation, low wage growth and their job security. "Household finances continue to suffer from a backdrop of squeezed disposable income, stubbornly high inflation and ongoing public-sector spending cuts”, says Tim Moore, an economist at Markit.

It looks like the strong growth seen by the economy in UK has done little to relieve the householders from their persistent fears. Concerns over the Government spending cuts are still haunting the private sector householders as they fear losing jobs.

This is already said to have hit the public sector and now haunts the householders working in the private sector. The decline rate that had been calculated to be -24.3 is lower than the rate in July, which was -25.5. However, the consumers' views over job security is said to stand at -15.8, which is not as low as was seen in July, which was -13.1.

The comprehensive spending review due in late October will put forth the details about the 600,000 public-sector job cuts, which are likely to take place in the next five years to come. These job cuts are vital for the lessening of U.K.'s record budget deficit.

With ever rising fears over personal finances, the austerity measures taken by the Government failed as the consumer confidence is said to have slipped in both June and July.