Consumer confidence in the UK has hit a new record low amid soaring cost of living and bleak economic prospects, according to business intelligence firm Growth from Knowledge (GfK).
The firm’s Consumer Confidence Index fell three points in August to minus 44, its lowest figure since records began in 1974.
All five measures that make up the index were down from the month before, including confidence in personal finances and the general economy.
GfK client strategy director Joe Staton said the new record low reflects “acute concerns as the cost-of-living soars.”
“A sense of exasperation about the UK’s economy is the biggest driver of these findings,” he added….