UK consumer confidence falls at fastest rate since Brexit vote as cost of living bites

The UK’s consumer confidence has plummeted to its lowest level since the Brexit referendum, driven by escalating economic strain from the conflict in the Middle East. Rising living costs and mounting financial pressures are intensifying ahead of the upcoming budget, with confidence dropping sharply in October. The latest data underscores growing concerns over economic stability as households face further financial challenges. The situation poses a critical test for the chancellor as he prepares to address the mounting pressures.

Economic fallout from war in Middle East adds to pressures on consumers and on chancellor before budgetConsumer 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. Continue reading...