A recent survey by KPMG revealed that UK consumers are increasingly cutting back on spending amid deteriorating economic confidence. The survey showed that 58% of respondents believe the economy is worsening, a significant rise from the previous months. As a response, 43% of consumers reported reducing their spending on everyday items, while many are saving more or postponing larger purchases. This decline in consumer confidence is coinciding with anticipated government cuts to welfare and spending, further complicating the economic landscape as experts warn of stagnant growth ahead.
As many as 43% of consumers said they were reducing their spending on everyday items, while more than a third reported saving more as a contingency.
The survey of 3,000 UK consumers found 58% felt Britain's economy was worsening in the three months to the end of February.
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