Consumer Confidence on the Wane after Labour’s Budget28 Nov 2024 08:42
Households are becoming more concerned about the state of the economy, new data shows, after Rachel Reeves’s Budget sparked warnings over the risk of a UK recession.
The BRC-Opinium tracker of consumer confidence revealed that people’s expectations over the state of the economy worsened between October and November, with the proportion of those feeling positive for the next three months down at 19pc from 21pc.
Meanwhile 38pc of people surveyed said they thought the economy would get worse in the next three months and 36pc said it would stay the same.
Helen Dickinson, chief executive of the British Retail Consortium (BRC), said this was a sign that “many were worried about the economy in the lead up to Christmas”.
It follows a warning shot from economists over a UK recession in the wake of the Budget.
Closely watched PMI figures earlier this month showed activity among the UK’s private sector companies shrank for the first time in more than a year in November.