British consumer confidence is no longer in free-fall and is starting to level out, according to Marks & Spencer boss Sir Stuart Rose.

It was too early to predict economic recovery, but he said, most people in employment were better off following hefty interest rate cuts.

“There may be a beginning of a plateauing out of people’s lack of confidence,” said Rose, who was speaking at yesterday’s Retail Week conference.

However, Rose conceded that unemployment and falling house prices remained a concern for shoppers.

Rose declined to comment on M&S’s current trading performance ahead of a fourth-quarter update on