UK consumer confidence has fell a further one percentage point in Q4 2020, to -17%, according to Deloitte’s latest Consumer Tracker.

With the exception of personal finances, all other measures of confidence were below year-on-year comparisons with health and wellbeing reaching a record low after falling six percentage points to -34%, as fears over the more virulent strain of Covid-19 took hold.

However several measures, including the extension of schemes, such as the furlough scheme, and payment holidays on loans, mortgages and credit cards, boosted consumer confidence in personal finances.

Many consumers reported that their personal savings had increased as they had saved money by working from home and being unable to spend money on socialising or holidays. Year-on-year spending on eating and drinking out declined by -51 and -40% respectively, according to Deloitte.

While confidence in the state of the economy was boosted in the final quarter of the year by the next that a Brexit deal had been agreed – jumping nine percentage points on Q3.

Ian Stewart, chief economist at Deloitte, said: “The deepest global downturn since the 1930s will leave a ‘hangover’ but, whilst other recessions have often resulted in the loss of skills and capacity, this time is different in many respects.

“Government initiatives, for instance, have significantly limited the damage to jobs and businesses. However, the outlook for growth in 2021 hinges on the continued battle between COVID-19 containment on the one side, and vaccination on the other.”

Deloitte’s analysis is based on the responses of more than 3,000 consumers between 1 and 4 January – after a Brexit deal had been reached, but at the same time as the third national lockdown was announced.