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Consumer confidence suffers its biggest slump since the Brexit vote, wiping out the 'Burnham bounce' days before Healey's Budget

Consumer confidence suffers its biggest slump since the Brexit vote, wiping out the 'Burnham bounce' days before Healey's Budget

GfK's index plunged 11 points to minus 24 in October, with all five measures down. Plans to buy big-ticket items such as sofas and washing machines fell 14 points. Neil Bellamy of GfK called it 'an extraordinary collapse'. Brent crude hit a five-month high of $112.68 a barrel amid President Trump's Iran war, and wage growth slowed to 4.5 per cent, the weakest since 2021.

Bellamy blamed 'relentless cost-of-living pressures' with inflation now running at 3.5%.

Chancellor John Healey is to deliver his first Budget on Wednesday as public finances deteriorate.

Only the 25-point crash at the start of Covid in March 2020 saw a bigger monthly fall.

MoreThe TelegraphConfidence plummets at ‘alarming’ speed ahead of BudgetDaily MailConsumer confidence suffers biggest slump in a decadeThe GuardianUK consumer confidence falls at fastest rate since Covid as cost of living bitesThe TimesUK consumer confidence takes sharpest fall since BrexitFinancial Times‘Relentless’ cost of living pressures behind collapse in UK consumer confidenceSharecast.comUK consumer confidence plunges in October - GfK - Sharecast.comMarketScreenerUK consumer confidence tumbles in October, reversing prior gainsGlobal Banking & Finance ReviewUK Consumer Confidence Plummets Ahead of Healey's Budget Announcement - Global Banking & Finance Review
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