Consumer confidence in the UK fell to a record low as concerns about a recession increased and soaring inflation tightened a squeeze on household finances.
GfK said its gauge of confidence declined 3 points to minus 44 in August, the lowest since records started in 1974. All of its measures fell, with the outlook for personal finances declining the most.
The figures reflect a year-long surge in inflation, which hit a four-decade high of 10.1% last month, driving up the cost of everything from food to energy and clothing. The Bank of England expects prices growth to top 13% in the coming months, sharpening the pain for consumers whose real wages are falling at a record pace.
A separate survey of business output by Lloyds Bank Group showed a drop across nine of the 14 industries tracked. The report showed 10 sectors saw a drop in demand, with tourism and recreation hit hardest. The index tracking whether it’s a good time to make major purchases fell 35 points from a year ago to minus 38.
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