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UK consumer confidence hits record low – study

UK consumer confidence news

Sentiment dropped more than expected this month, according to researcher GfK.

UK consumer confidence has fallen to its lowest since records began in 1974 amid deep concerns about personal finances and the economy over the next 12 months, a study by research group GfK found.

According to the report, issued on Friday, the confidence index decreased by five points to -49 this month, worse than earlier projections by the economists. The reading marked the fourth new low in the last five months, with all measures once again severely depressed.

The largest falls were in personal finances over the next year, which was down nine points, and confidence in the economy over the next year, which was down eight points.

The savings index also slumped, coming in at 11 points lower than this time last year.

“Consumers are buckling under the pressure of the UK’s growing cost-of-living crisis driven by rapidly rising food prices, domestic fuel bills and mortgage payments,” said GfK client strategy director Joe Staton.

“They are asking themselves when and how the situation will improve. Today’s mini-budget, and the longer-term agenda to drive the economy and help rebalance household finances, will be the first major opportunity to deliver that improvement. It will also be a major test for the popularity of Liz Truss’ new Government,” he explained.

The report comes as UK inflation is hovering around double-digit figures, and is expected to climb higher in the coming months. It is currently almost five times above the Bank of England’s 2% target, at 9.9%.

Image credit: Inzmam Khan

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Source:RT News

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4 COMMENTS

  1. Wait wait wai for winter; idiot Brits, who support Ukaraine, the Monarcy and low IQ Liz Thrash, will be feeling very depressed, and multiple jabs they had will sort out some of those depressed in tens of thousands.

    • You mean like the idiot Kiwis who also support Ukraine, have higher vaccination rates and more deaths expected than Britain per cap, and who are also dealing with higher inflation and food and fuel costs..? We’re all in the same pile of crap, Sunshine no point in pointing the finger.

      • You are comparing UK, the first world economy, to NZ, which is just above a third world asian country. JabSinDa has sold NZ to Globalists and the prices in NZ are two to three times more for groceries etc. Check yourself what £40 (approx $76 NZD) gets in UK Aldi.
        https://m.youtube.com/watch?v=8KNG_42AiKc
        The cost of a food Haul for a family of 4 in UK is about what low budget a single person needs in NZ. Kiwis are lot more deceived and we live in a island of lies created by the MSM.

  2. Yep it’s a mess, and going to get a whole lot worse for all of us. What amazes me is how fast it is happening. Of course the media will be stiring the pot, building dread and fear into the population as good honest folk try to hold it together. It’s simply bloody appalling what those we once trusted have done to us all. It won’t be long before we see the military on the streets quelling the riots. God help us all..

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