UK consumer confidence slipped in November as households brace for potentially tough measures in next week’s budget, according to the latest GfK survey. The headline index fell to -19 from -17, slightly weaker than the Reuters poll expectation of -18 and matching the lowest reading since May.
While sentiment remains notably above April’s sharp drop to -23, when household bills jumped and U.S. tariffs pushed up import costs, GfK described November’s result as “bleak,” with consumers expecting difficult news from Chancellor Rachel Reeves. The government is widely expected to face a sizeable fiscal gap, with analysts estimating £20–30 billion in required tax increases following softer growth forecasts, higher borrowing costs and a reversal of welfare cuts.
The survey also recorded a three-point decline in the major-purchase index, a worrying signal for retailers ahead of Black Friday and the broader Christmas trading season.
This article was written by Eamonn Sheridan at investinglive.com.