RT.com
23 Sep 2022, 18:43 GMT+10
Figures 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 out of 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%.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of The UK News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to The UK News.
More InformationSEATTLE, Washington: Boeing has revamped its employee incentive plan, tying annual bonuses for more than 100,000 workers to overall...
WINNIPEG, Manitoba: Farmers in the U.S. and Canada are bracing for soaring fertilizer prices as trade tensions escalate between the...
NEW YORK, New York - A slightly lower-than-expected CPI reading for February helped U.S. stocks to stabilize after some relentless...
NEW YORK CITY, New York: New York's office market is showing signs of a comeback as major investors, including Blackstone, scout for...
NICOSIA, Cyprus: Cyprus' ancient Commandaria wine, praised for its rich heritage dating back nearly 3,000 years, is making a comeback...
SAN FRANCISCO, California: Shares of DoorDash, Williams-Sonoma, Expand Energy, and TKO Group surged in extended trading on March 7...
Hyderabad (Telangana) [India], March 13 (ANI): Hyderabad FC interim head coach Shameel Chembakath described the match against Kerala...
Hyderabad (Telangana) [India], March 13 (ANI): Kerala Blasters FC interim head coach TG Purushothaman expressed his disappointment...
(250313) -- MADRID, March 13, 2025 (Xinhua) -- Antonio Rudiger of Real Madrid celebrates after the UEFA Champions League Round of 16...
Shanghai Shenhua's Saulo Mineiro (front) goes for goal during the AFC Champions League round of 16 second leg against Kawasaki Frontale...
(250313) -- BARCELONA, March 13, 2025 (Xinhua) -- Kika Nazareth (R) of Barcelona vies with Maelle Lakrar of Real Madrid during the...
BUENOS AIRES, ARGENTINA — Argentine retirees and fans of several soccer teams clashed with police Wednesday during a protest in front...