"Consumer confidence collapsed as the Middle East conflict raised the prospect of higher inflation in the months ahead. As stock markets tumbled, confidence in both the economy and personal finances dropped to their lowest levels on record."
"The current conflict has created a great deal of uncertainty in the economy. Inflation is expected to rise in the coming months. Just as the economy was beginning to turn a corner on inflation, the rise in global energy prices is particularly unwelcome for businesses and families."
"It is now vitally important that Government policy does not exacerbate the situation, and bringing down the cost of living must be a top priority."
"From new employment laws to rising packaging taxes, Government must focus on how it can minimise unnecessary costs to retailers, thereby helping protect."
Consumer confidence in the UK has plummeted to historic lows, with expectations for the economy falling to -53 in March. Households' views on personal finances also worsened, dropping to -17. Despite this pessimism, retail spending plans increased slightly to +2, indicating that households are using savings or credit to maintain their lifestyles. The Chief Executive of the British Retail Consortium noted that rising inflation and global energy prices are significant concerns, emphasizing the need for government policies to alleviate the cost of living.
Read at London Business News | Londonlovesbusiness.com
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