UK consumer confidence falls at fastest rate since Covid as cost of living bites
UK consumer confidence has dropped to its lowest level since the 2016 Brexit vote, driven by rising living costs and geopolitical instability. The decline poses a significant challenge for the government ahead of the upcoming national budget.
Why it matters
This sharp decline in sentiment reflects broader economic fragility in the UK, potentially signaling reduced consumer spending and increased pressure on fiscal policy.
Fort Kinnaird retail park in Newcraighall, south-east of Edinburgh. Fort Kinnaird retail park in Newcraighall, south-east of Edinburgh. Consumer spending UK consumer confidence falls at fastest rate since Brexit vote as cost of living bites Economic fallout from war in Middle East adds to pressures on consumers and on chancellor before budget
Prefer the Guardian on Google Consumer confidence in the UK has fallen at the fastest rate outside the Covid pandemic since the 2016 Brexit vote as the escalating economic damage from the war in the Middle East hits Britain.
With less than a week before John Healey’s first budget, the latest barometer from the data company GfK indicated confidence plunged by 11 percentage points in October to -24 amid pressure on consumers from the rising cost of living.
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