Consumer confidence in the UK has plummeted due to fears over upcoming budget tax rises, with households' economic outlook assessment dropping significantly.
The British Retail Consortium's report highlights that older generations are particularly affected by negative economic news and cuts to winter fuel payments.
Helen Dickinson from the BRC noted that negative publicity surrounding UK finances has severely impacted consumer confidence, especially among older demographics.
Despite the drop in confidence, expectations for retail spending remain stable, as consumers plan to decrease savings instead.
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