The GfK Consumer Confidence Index fell sharply by seven points to -20, indicating consumer anxiety related to government warnings of a 'painful' Budget, which raises concerns for the UK government.
Neil Bellamy, GfK's consumer insights director, noted, 'Despite stable inflation and the prospect of further cuts in the base interest rate, this is not encouraging news for the UK's new government,' reflecting consumer apprehension.
Former PM Rishi Sunak previously viewed an uptick in consumer confidence as a positive sign, yet the unexpected drop post interest rate cut highlights the fragility of public sentiment.
Richard Walker, Iceland's CEO, expressed concern over 'doom-laden prophecies' about the economy, urging government leaders to refrain from negative rhetoric that could affect consumer sentiment.
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