A new KPMG survey shows that consumer confidence in the UK is declining, with 60% of respondents perceiving the economy is worsening. This negative perception is leading many to cut back on everyday expenditures, as 41% report reducing their spending. The environment of disappointing economic growth and significant government borrowing is intensifying pressure on Chancellor Rachel Reeves, who faces challenges in unveiling tax policies amid public concern. As financial insecurity grows, the survey highlights changing consumer behavior that could have broader implications for the economy.
The Consumer Pulse survey reveals that consumer confidence is waning, with 60% fearing the UK's economy is worsening, leading to reduced spending habits.
In an environment of disappointing economic growth and rising government borrowing, 41% of respondents from a KPMG survey are cutting back on everyday expenses.
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