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Mr Footman acknowledged that the income of taxi trade had decreased significantly from since1997 owing to the economic downturn and the fragile consumer sentiment of the public.

The relentless rise in unemployment will inevitably weigh on consumer sentiment.

There have been positive indications of stabilization in the housing market, rising consumer sentiment and a slowing of inventory liquidation.

This week's data releases will provide the first opportunity to assess how consumer sentiment has been affected by recent weakness in credit and equity markets.

UMich consumer sentiment for December will be released around 10 a.m. Eastern.

In the key U.S. market, a recovery in demand remains tenuous with unemployment still rising and consumer sentiment down sharply.

With volatility spiking, the University of Michigan's survey reading of consumer sentiment has been plunging.

Mr Hodgson said sales had been boosted by "improved consumer sentiment, particularly in London" and the number of covers and average spend per head were both rising.