Economy worries swirl after 'painful' Budget warning

Published On Sep 19, 2024, 7:06 PM

In September, the GfK Consumer Confidence Index in the UK fell sharply by seven points to -20, signaling concerns among consumers amid warnings of a challenging Budget. This decline suggests that people's views on the economy and their personal finances are becoming increasingly pessimistic. Despite a recent cut in interest rates, consumer confidence is shaky, influenced by anticipated tax rises and welfare cuts. Business leaders and government officials express a mix of concern and stability, with upcoming communications from the government expected to focus on restoring confidence.