• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Editor's Pick

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

by January 24, 2025
written by January 24, 2025

(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
0 comment
0
FacebookTwitterPinterestEmail

previous post
Meta seeks urgent fix to AI chatbot’s confusion on name of US president
next post
Yen on guard ahead of BOJ decision; dollar set for weekly loss

You may also like

China central bank conducts 1.7 trln yuan of...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

ECB president fears loss of central bank independence

January 27, 2025

European tech shares tumble as China’s AI push...

January 27, 2025

Futures slip as investors eye China’s latest AI...

January 27, 2025

Markets may be repeating the mistake of 2019,...

January 27, 2025

How billionaire Caltagirone could influence Italy’s banking M&A...

January 27, 2025

How Italy’s MPS went from near collapse to...

January 27, 2025

Analysis-To weather Trump, emerging market investors look to...

January 27, 2025

Chinese AI startup DeepSeek overtakes ChatGPT on Apple...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 5, 2025
    • This California startup is cleaning water and removing CO₂ from the atmosphere — all at a reduced cost

      June 5, 2025
    • OpenAI tops 3 million paying business users, launches new features for workplace

      June 5, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (503)
    • Stock (6,426)

    Latest News

    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

    Popular News

    • US mid-sized banks ride industry upswing on robust fee income
    • As UN COP16 nature talks are gridlocked, scientists warn of extinction risks

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy