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Consumer confidence suffers its biggest slump in a decade, wiping out the 'Burnham bounce' days before Healey's first Budget

Consumer confidence suffers its biggest slump in a decade, wiping out the 'Burnham bounce' days before Healey's first Budget

GfK's index plunged 11 points to minus 24 in October, the steepest monthly drop outside Covid since the July 2016 Brexit vote. Neil Bellamy of GfK called it 'an extraordinary collapse', with gloom spread across every income, age and gender group. Donald Trump's Iran war is pushing up fuel and energy bills, with Brent crude hitting $112.68 a barrel. Chancellor John Healey is due to deliver his Budget on Wednesday.

Appetite for big purchases like sofas and washing machines crashed by 14 points.

Average pay is rising just 4.5 per cent, the weakest growth since 2021.

Only the 25-point crash at the start of the Covid pandemic saw a bigger fall.

MoreThe TelegraphConfidence plummets at ‘alarming’ speed ahead of BudgetDaily MailConsumer confidence suffers biggest slump in a decadeFinancial Times‘Relentless’ cost of living pressures behind collapse in UK consumer confidenceThe GuardianUK consumer confidence falls at fastest rate since Covid as cost of living bitesRetail GazetteConsumer confidence suffers biggest fall since Covid as cost-of-living pressures mount - Retail GazetteSharecast.comUK consumer confidence plunges in October - GfK - Sharecast.com
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