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Research by the Evening Standard, found that the consumer forecast had decreased by six points from last month.
The findings come as one of the prime minister's closest political allies in the cabinet admits that the economy is unlikely to improve soon.
Ed Balls, who was previously the economic secretary to the Treasury and currently serves as the secretary of state for children, schools and families, told the Independent: 'It's going to get tougher before it gets easier. Higher gas and electricity bills will have an impact through the autumn and, as you get closer to the winter, this will become more of an issue.'
Mr Balls admitted that the emergence of economic factors not seen since the 1970s had been exacerbated by the government's political errors such as the abolition of the 10p tax band.
