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

GfK's index crashed 11 points to minus 24 in October, the sharpest monthly drop since Britain voted for Brexit in 2016, bar Covid. Neil Bellamy, GfK's consumer insights director, branded it 'an extraordinary collapse'. The Iran war's 'Trumpflation' has driven Brent crude to $112.68 a barrel, a five-month high. Pay growth has slowed to 4.5 per cent, the weakest since 2021.

Appetite for big buys like sofas and washing machines plunged 14 points.

Chancellor John Healey's debut Budget is due within days, with relief options shrinking.

Every GfK measure fell, with gloom spreading across all income, age and gender groups.