UK consumer confidence falls at fastest rate since Covid as cost of living bites
Summary
Consumer confidence in the UK dropped sharply in October, falling faster than any time since the 2016 Brexit vote, as rising costs make it harder for people to manage their money. The increase in prices for energy, fuel, and everyday goods, combined with worries about the global conflict in the Middle East, is causing economic stress before the upcoming government budget.Key Facts
- UK consumer confidence declined by 11 points in October to -24, the fastest drop since July 2016.
- The cost of living is rising due to higher energy bills, fuel prices, and inflation, which hit 3.5% last month.
- The war in the Middle East contributes to global problems that push prices up in the UK.
- Average UK households have paid nearly £14,000 extra over five years for loans, energy, and water.
- Chancellor John Healey plans to announce measures to help households but says government finances are limited.
- The UK government deficit was reported at £24.5 billion, worse than expected.
- Consumer spending is expected to slow as people prepare for higher energy costs during winter.
- Manufacturing investment is weak due to high costs, although production may stabilize soon.
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