Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

UK consumer confidence plunges to lowest level since 2022 amid global and domestic pressures

by May 6, 2025
May 6, 2025
UK consumer confidence plunges to lowest level since 2022 amid global and domestic pressures

UK consumer confidence has dropped to its lowest level since the peak of the cost of living crisis in December 2022, as households feel the strain of Donald Trump’s new tariffs, the ongoing war in Ukraine, and a raft of domestic tax and price increases, according to new data from Which?.

The consumer group’s latest confidence tracker fell by seven points to -53, reflecting widespread concern over both the economy and personal finances. Nearly two-thirds of consumers (64%) believe the UK economy will deteriorate over the next year, while just 11% are optimistic it will improve.

The data mirrors other warnings about rising anxiety among UK households. According to GfK, April brought a “perfect storm” of pressures including higher utility bills, council tax, road tax, and stamp duty, compounded by global instability and fresh concerns about inflation rebounding due to Trump’s trade policies.

The survey, conducted in the month to 11 April, found that 67% of people blamed their pessimism on global events like the Russia-Ukraine war and Trump’s reciprocal tariffs, while 63% cited rising prices, and 60% pointed to UK government tax changes.

Household financial outlooks also deteriorated sharply, with confidence in future household finances dropping by 10 points to -19 — the lowest level since July 2023. Confidence in current finances also fell by six points to +21.

Roughly 1.9 million households missed at least one essential payment in April, including rent or mortgage payments, utility bills, or loan repayments. The rate of missed rent payments rose to 4.7%, reflecting the continued squeeze on tenants.

An estimated 13 million households (46%) were forced to make at least one financial adjustment in the past month to cover basic costs like energy, housing, groceries, school supplies, or medicines. These adjustments included cutting back on essentials, dipping into savings, selling belongings, or taking on debt. While slightly improved from 51% in March, the figure remains high.

Rocio Concha, director of policy and advocacy at Which?, urged the government to take action to restore confidence and shield consumers from predatory practices.

“Consumer protections give people the confidence to spend,” she said. “Whether it’s rooting out online fraudsters, taking down rogue traders or tackling misleading business practices, the government must do more to place consumers at the heart of its plans to grow the economy.”

With Trump’s tariffs threatening to push up prices on imported goods and further disrupt global supply chains, analysts fear the current slide in confidence could worsen. The International Monetary Fund has already cut its UK growth forecast for 2025, and the Office for Budget Responsibility has warned of potential tens of billions in lost output if global trade tensions escalate.

As millions of British households remain on tight budgets, the path to economic recovery may depend as much on rebuilding consumer trust as on taming inflation or boosting GDP. For now, the outlook remains clouded by both international uncertainty and domestic policy decisions.

Read more:
UK consumer confidence plunges to lowest level since 2022 amid global and domestic pressures

0
FacebookTwitterGoogle +Pinterest
previous post
Blackout in Spain and Portugal: Ripples Felt in Crypto
next post
US media stocks fall as Trump threatens 100% tariffs on foreign-made films

You may also like

UK takeover surge hits £74bn in first half...

July 2, 2025

Technology and innovation creating workplace inequality post-Covid, survey...

May 17, 2023

Mortgage arrears up sharply with landlords hardest hit

November 9, 2023

The Implications of Labour’s Shadow Cabinet Reshuffle for...

September 6, 2023

HS2 rail plans could be derailed in hunt...

October 31, 2022

Starlink set to expand UK footprint as Ofcom...

May 30, 2025

What do digital strategy consultants do?

September 9, 2022

Dragons’ Den entrepreneur reaps rewards after rejecting offer...

June 20, 2023

Amazon retreats from plan to show cost of...

April 30, 2025

Skoda overtakes Tesla in Europe as EV buyers...

June 25, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • One in Five ICE Arrests Are Latinos on the Streets with No Criminal Past or Removal Order

      August 5, 2025
    • Gargantuan ‘bird cemeteries’ in Burgum’s crosshairs as DOI looks to curb green wind projects

      August 5, 2025
    • Key aide in IRS’ Tea Party targeting controversy put on leave after allegations of new anti-GOP effort

      August 5, 2025
    • Supreme Court orders new arguments in pivotal elections case

      August 5, 2025
    • Michelle Obama celebrates Barack as ‘coolest guy’ on his birthday after the pair joked about divorce rumors

      August 5, 2025
    • Trump appears on White House roof amid talks of historic renovations

      August 5, 2025

    Categories

    • Business (8,677)
    • Investing (2,174)
    • Politics (16,310)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved