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MNI INTERVIEW: Rising Prices Spooking UK Consumer-GFK's Staton

(MNI) London
(MNI) London

UK confidence is at lower levels than in the pandemic or the financial crisis, GfK's index shows.

True

UK consumer confidence is crumbling under the weight of 40-year high inflation despite one of the strongest jobs markets ever seen, according to Joe Staton at GfK, whose survey published Friday showed household sentiment at the lowest on record and with sub-measures even gloomier.

"Nothing on the economic horizon shows a reason for optimism any time soon,” Staton told MNI after GfK’s index declined by 2 points to -40 in May, passing the previous record low of -39 in July 2008. Even the Bank of England is pessimistic, he added, noting that Governor Andrew Bailey this week offered "no hope of tackling inflation."

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UK consumer confidence is crumbling under the weight of 40-year high inflation despite one of the strongest jobs markets ever seen, according to Joe Staton at GfK, whose survey published Friday showed household sentiment at the lowest on record and with sub-measures even gloomier.

"Nothing on the economic horizon shows a reason for optimism any time soon,” Staton told MNI after GfK’s index declined by 2 points to -40 in May, passing the previous record low of -39 in July 2008. Even the Bank of England is pessimistic, he added, noting that Governor Andrew Bailey this week offered "no hope of tackling inflation."

Keep reading...Show less