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GfK Consumer Confidence Slides to Fresh Low

UK DATA
MNI (London)

UK SEP CONSUMER CONFIDENCE -49 (FCST -42); AUG -44

  • UK consumer confidence dived by five points to a fresh low in September, underpinned by deep concerns regarding personal finances and the economic outlook. The index has been running for 48 years.
  • This was the ninth consecutive month of declining/stalling sentiment in the UK as disposable incomes feel the squeeze of higher food, fuel and energy and mortgage prices.
  • Today's Growth Plan (fiscal statement) due at 0930 BST could deliver an upswing in sentiment going forward.
  • "Today’s mini-budget, and the longer-term agenda to drive the economy and help rebalance household finances, will be the first major opportunity to deliver that improvement" Joe Staton, GFK's Client Strategy Director said.
  • The data underlines the concerns at the BOE over a slowing economy. However, any improvement to sentiment and spending in the wake of Friday's Growth Plan could push the BOE to a quicker tightening path come November.

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UK SEP CONSUMER CONFIDENCE -49 (FCST -42); AUG -44

  • UK consumer confidence dived by five points to a fresh low in September, underpinned by deep concerns regarding personal finances and the economic outlook. The index has been running for 48 years.
  • This was the ninth consecutive month of declining/stalling sentiment in the UK as disposable incomes feel the squeeze of higher food, fuel and energy and mortgage prices.
  • Today's Growth Plan (fiscal statement) due at 0930 BST could deliver an upswing in sentiment going forward.
  • "Today’s mini-budget, and the longer-term agenda to drive the economy and help rebalance household finances, will be the first major opportunity to deliver that improvement" Joe Staton, GFK's Client Strategy Director said.
  • The data underlines the concerns at the BOE over a slowing economy. However, any improvement to sentiment and spending in the wake of Friday's Growth Plan could push the BOE to a quicker tightening path come November.