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The consumer confidence index fell by four points to -23 in April, according to the latest update from data company GfK, marking the lowest level in 17 months and well below economists' expectations of a decline to -21.
The index, which averages responses to key sentiment questions, ranges from -100 to +100. Positive scores reflect consumer optimism, while negative readings indicate a prevailing sense of pessimism.
The index is closely monitored by the British government and the Bank of England for early warning signs on the economy since the early 1970s.
The drop represents a stark warning for the UK economy and reflects how British consumers were hit by a mix of domestic tax hikes, surging household bills, and growing concerns over tariffs imposed by US President Donald Trump.
The country faces a 10% tariff on most goods and 25% on steel, aluminum and automotive exports to the US. Washington and London are currently negotiating a new trade agreement, with Trump having paused the imposition of tariffs for 90 days.
While the UK has been spared the worst of the levies imposed by Trump earlier this month, households have become much more downbeat about the outlook for the British economy.
"Consumers have not only been grappling with multiple April cost increases in the form of utilities, council tax, stamp duty, and road tax, but they are also hearing dire warnings of renewed high inflation on the back of the Trump tariffs," said Neil Bellamy, consumer insights director at GfK.
April's reading of -23 marks the lowest level since the Labour Party assumed office last summer, according to the survey.
The UK's energy regulator, Ofgem, announced a 6.4% increase in the energy price cap effective from April 1, raising the average annual energy bill for a typical household from £1,738 ($2,172) to £1,849 ($2,311).
The cost of living crisis fueled by high interest rates and rising energy prices has taken a toll on British households over the past two years, forcing millions of families to cut spending. Meanwhile, manufacturers have been slashing production in response to a downturn in orders from domestic and export markets, multiple previous surveys showed.
Reader Comments
As with all devils, they never really get out of hell, do they? They bring it with them.
Can anyone imagine what a modern day "Monty Python" would actually look like?
Its all "nailed to the Perch" folks!
We have a parliament of throwbacks who take their orders from somewhere else. The last crisis they 'managed' was 'covid'. Their answer to that has cost thousands if not millions of innocent lives and maimed 10 times as many. Some would call that a genocide.
Maybe Parliament has had its day? It certainly hasn't made a good decision in years. Maybe it could work if accountability was rigorously enforced. At present, sadly, we have none.
This arsehole of a gov't is just another in a long line of arsehole gov'ts, via the revolving door of arseholes, who have been shafting the public for years, treating them like an ATM.
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.....the record low was-49.00 points in September of 2022.
as long as they have Debt bondage and are dependent on the System to keep themselves stuffed , safe and satiated, then it "Business" as usual.
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