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HomeEconomyUK consumers still near most pessimistic on record - GfK

UK consumers still near most pessimistic on record – GfK

LONDON (Reuters) – British consumer confidence remained near its lowest level on record this month, with households facing double-digit inflation, rising interest rates and political chaos, a survey showed on Friday.

Market research firm GfK’s consumer confidence index rose to -47 from -47 in September , which is the lowest level since the survey was launched in September 2019 1974. Economists polled by Reuters had expected a -52 reading to be worse.

Survey of 2 people, 001 People were on October 3rd to October , covering the period after Prime Minister Liz Truss agreed to the first of several U-turns in tax policy — reversing her decision to scrap the top income tax rate — but in her week Four before resignation.

New Treasurer Jeremy Hunt says he will abandon most of Trus’ economic plans, cut public spending and warn of further tough decisions Taxes as he tries to restore credibility to UK economic decision-making.

“Not only are households afraid of fast-rising energy and food prices, but the prospect of further hikes in benchmark interest rates will increase mortgage costs. They now face the possibility of tax hikes or even austerity measures,” GfK client Strategy Director Joe Staton said.

A measure of consumers’ willingness to buy expensive goods fell by three percentage points, suggesting their cautious approach could slow the UK economy, which The economy appears to be in recession.

“Consumers are just as capable of U-turns as governments are, and today’s economic headwinds herald a long, harsh winter,” Staten said.

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