Connect with us

Hi, what are you looking for?

Economy

UK consumer morale sinks to lowest since late 2023: GfK survey

(Reuters) – British consumer confidence sank this month to its lowest level in over a year, marking the steepest drop between the months of December and January since 2011, according to a survey that added to signs of a slowdown in the economy.

The monthly consumer confidence index published by market research firm GfK fell in January to -22 from -17 in December, its lowest reading since December 2023. A Reuters poll of economists had pointed to smaller decline to -18.

The GfK survey is not adjusted for seasonal variations and has shown a tendency in recent years to fall in January, but the latest drop was larger than usual.

All five of the survey’s components declined, echoing a run of downbeat economic signals since finance minister Rachel Reeves’ Oct. 30 budget, which raised taxes on businesses to help increase funding for investment and public services.

“These figures underline that consumers are losing confidence in the UK’s economic prospects,” said Neil Bellamy, consumer insights director at NIQ GfK.

He pointed to a big rise in GfK’s savings index – which is not part of the overall consumer confidence index – as an example of the cautious mood among households.

Growth in Britain’s economy has slowed to crawl, according to the latest official data, although many economists still think the higher government spending in Reeves’ budget will help to raise growth – albeit temporarily – later this year.

The Bank of England is widely expected by investors to cut interest rates on Feb. 6.

This post appeared first on investing.com

    You May Also Like

    Latest News

    A group of more than 60 former Democratic and Republican attorneys general sent a new letter to Senate leaders Thursday urging the confirmation of...

    Stock

    Investing.com — RBC Capital Markets in a note dated Thursday has downgraded Swatch Group (SIX:UHR) to an “underperform” rating, citing structural and cyclical challenges...

    Stock

    Investing.com — Universal Music Group (AS:UMG) and Spotify (NYSE:SPOT) have announced a new multi-year deal for recorded music and publishing, the companies announced in...

    Stock

    By Rocky Swift TOKYO (Reuters) -Japan’s Fuji Media said on Monday its chairman and the head of its TV unit would step down immediately...



    Disclaimer: Techreportdiversity.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2025 Techreportdiversity.com