Brits' financial confidence in 'freefall'

13 May 2022 by
Brits' financial confidence in 'freefall'

Brits' confidence in their household finances hit an all-time low in April as the cost-of-living-crisis saw bills rise.

A monthly survey from pollsters YouGov and consultancy Cebr showed consumer confidence at its lowest since the analysis began a decade ago.

Kay Neufeld, head of forecasting at Cebr, described the consumer confidence index as in "free fall".

She added: "Worryingly consumers are also becoming less optimistic on the outlook for business activity going forward, which is likely driven by greater anxiety about a potential recession further down the line."

Her comments come after the Bank of England warned Brits to expect double digit inflation and said to expect a "sharp economic slowdown".

The first three months of the year saw the economy grow by 0.8%, however in March it shrunk by 0.1% as the fall in consumer confidence hit spending.

The National Institute of Economic and Social Research has warned that the UK could enter recession in the second half of the year.

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