September 23, 2022 06:50 GMT
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UK SEP CONSUMER CONFIDENCE -49 (FCST -42); AUG -44
(Repeat from 00:01 BST)
- UK consumer confidence dived for the ninth consecutive month, down five points to a fresh low in September driven by deep concerns regarding personal finances and the economic outlook.
- Disposable incomes are feeling the squeeze of higher food, fuel, energy and mortgage prices. Record-low consumer confidence was continent-wide in September with another slide in the eurozone/EU aggregate yesterday.
- The data underlines the concerns at the BOE over a slowing economy. However, any improvement to sentiment and spending in the wake of today's (0930 BST) Growth Plan could push the BOE to a quicker tightening path come November.
- "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.