• About
  • Privacy Policy
  • Editorial Principles
  • Why to trust us
  • Contact
Thursday, February 9, 2023
The 24 Hours
  • Home
  • Business
  • Technology
  • Scandals
  • Politics
Morning News
Home Business

UK consumer confidence at its lowest sustained level for nearly 50 years

admin by admin
December 16, 2022
in Business
0
UK consumer confidence at its lowest sustained level for nearly 50 years
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

READ ALSO

Joe Biden warns China over threats to US sovereignty in State of the Union address

Ukraine to replace defence minister in first major reshuffle since invasion

A carefully watched survey shows that consumer confidence in the UK is at its lowest sustained level in almost 50 years as the country braces for a prolonged recession.

The Consumer Confidence Index rose just 2 points to -42 in December from the previous month. It has averaged -10 since the index began.

Over the past year, Britons have been hit by soaring prices, putting pressure on household budgets across the country. Energy prices soared after Russia invaded Ukraine in February, leaving many consumers with little money after paying their energy and food bills.

Since the survey began in 1974, the index has not fallen below -40 until May 2022, marking the start of double-digit inflation. It remains below that level, marking the longest period of low confidence in nearly half a century.

Joe Staton, GfK’s Director of Client Strategy, warned that “the road ahead is bleak” due to the bleak economic outlook for the UK. “Real wages are declining as inflation continues to ramp up, putting more pressure on many household discretionary budgets as we enter the last few days of shopping before Christmas,” he added. rice field.

easing inflation barely down from a 41-year high of 11.1% in October to 10.7% in November. Food inflation he rose to 14.6%, reaching its highest level since 1980.

of uk economy Business surveys such as the Purchasing Managers’ Index contracted in the third quarter and pointed to further economic deterioration in the fourth quarter.

The Bank of England and the Office of Budgetary Responsibility forecast a prolonged recession in 2023 as high inflation continues to hit household budgets.

Linda Ellett, UK Head of Consumer, Retail and Leisure at KPMG, said: “Christmas brings a good respite, but the fundamentals driving this low consumer confidence will continue into the New Year.” rice field.

A GfK survey based on data collected in the first 10 days of December found that Britons’ confidence in their personal finances in the coming year remains at record low levels.

As a result, nearly two in three people cut non-essential spending and use less energy at home, according to an ONS survey released Thursday. Nearly half of the respondents said they bought less food.

“With no immediate prospects for good financial news, confidence is unlikely to return anytime soon,” Staton said.

Tags: confidenceconsumerlevellowestsustainedYears

Related Posts

Joe Biden warns China over threats to US sovereignty in State of the Union address
Business

Joe Biden warns China over threats to US sovereignty in State of the Union address

February 8, 2023
Ukraine to replace defence minister in first major reshuffle since invasion
Business

Ukraine to replace defence minister in first major reshuffle since invasion

February 6, 2023
Antony Blinken cancels China trip following discovery of spy balloon
Business

Antony Blinken cancels China trip following discovery of spy balloon

February 4, 2023
Meta shares soar on resilient revenue and $40bn in buybacks
Business

Meta shares soar on resilient revenue and $40bn in buybacks

February 2, 2023
Washington halts licences for US companies to export to Huawei
Business

Washington halts licences for US companies to export to Huawei

January 31, 2023
Memphis police disband unit connected to death of Tyre Nichols
Business

Memphis police disband unit connected to death of Tyre Nichols

January 29, 2023
Next Post
Militia Members Sentenced to Prison for Plot to Kidnap Michigan Gov Whitmer

Militia Members Sentenced to Prison for Plot to Kidnap Michigan Gov Whitmer

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

POPULAR NEWS

Is ChatGPT a ‘virus that has been released into the wild’? • TechCrunch

Is ChatGPT a ‘virus that has been released into the wild’? • TechCrunch

December 10, 2022
Sister Wives’ Robyn Tells Family ‘Leave Me the Hell Out’ of Drama

Sister Wives’ Robyn Tells Family ‘Leave Me the Hell Out’ of Drama

January 9, 2023
Tesla appears to be turning back to radar for its vehicles • TechCrunch

Tesla appears to be turning back to radar for its vehicles • TechCrunch

December 8, 2022
‘What’s the point of buying?’ China’s property woes push young to rent

‘What’s the point of buying?’ China’s property woes push young to rent

December 8, 2022
Chuck Schumer Moves To Isolate MAGA Republicans

Chuck Schumer Moves To Isolate MAGA Republicans

December 8, 2022

EDITOR'S PICK

Everything to Know About the ‘Way of Water’ Sequel

Everything to Know About the ‘Way of Water’ Sequel

December 24, 2022
Mary and the quest for peace

Mary and the quest for peace

December 24, 2022
Memphis police disband unit connected to death of Tyre Nichols

Memphis police disband unit connected to death of Tyre Nichols

January 29, 2023
China’s economy expands 3% in 2022 as zero-Covid policies hit growth

China’s economy expands 3% in 2022 as zero-Covid policies hit growth

January 17, 2023

About

The 24 Hours

The24Hours, our mission is to provide unfiltered, unbiased, fact-based news blog that empowers rather than unsettles.

Categories

  • Business
  • Technology
  • Scandals
  • Politics

Quick Links

  • About The24Hours
  • Contact Us
  • Editorial Principles
  • Why to trust us
  • Privacy Policy
  • Sitemap

Follow Us

  • Facebook
  • Twitter
  • Instagram
  • LinkedIn
  • Privacy Policy
  • Contact Us
  • Sitemap

  • Home
  • Politics
  • Business
  • Technology
  • Scandals

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Read More

Accept Decline Cookie Settings
I consent to the use of following cookies:
Cookie Declaration About Cookies
Necessary (0) Marketing (0) Analytics (0) Preferences (0) Unclassified (0)
Necessary cookies help make a website usable by enabling basic functions like page navigation and access to secure areas of the website. The website cannot function properly without these cookies.
We do not use cookies of this type.
Marketing cookies are used to track visitors across websites. The intention is to display ads that are relevant and engaging for the individual user and thereby more valuable for publishers and third party advertisers.
We do not use cookies of this type.
Analytics cookies help website owners to understand how visitors interact with websites by collecting and reporting information anonymously.
We do not use cookies of this type.
Preference cookies enable a website to remember information that changes the way the website behaves or looks, like your preferred language or the region that you are in.
We do not use cookies of this type.
Unclassified cookies are cookies that we are in the process of classifying, together with the providers of individual cookies.
We do not use cookies of this type.
Cookies are small text files that can be used by websites to make a user's experience more efficient. The law states that we can store cookies on your device if they are strictly necessary for the operation of this site. For all other types of cookies we need your permission. This site uses different types of cookies. Some cookies are placed by third party services that appear on our pages.
Cookie Settings