Record Low Consumer Confidence Amid Soaring Energy Bills and Inflation
- UK consumer confidence hits record low of -49% in September
- GfK’s research reveals the lowest score since 1974
- Four measures declined, one remained flat compared to August announcement
- Personal finances and economy expectations at all-time lows
- Cost of living crisis worsens due to energy bills, food prices, and mortgage payments
UK consumer confidence has plummeted to a record low of -49% in September, according to GfK’s research. This is the lowest score since records began in 1974. Four out of five measures have declined compared to the August announcement, and one remained flat. Personal finances for the coming year and economic expectations for the next 12 months are at all-time lows. The situation raises concerns amid the cost of living crisis driven by rising food prices, energy bills, and mortgage payments. The mini-budget is seen as a major opportunity to improve the economy and rebalance household finances under Liz Truss’s new government.
Factuality Level: 8
Factuality Justification: The article provides accurate information about UK consumer confidence and its decline, citing a reputable source (GfK) and includes relevant details about the factors contributing to this decline such as rising energy bills and inflation. It also quotes an expert for additional context and analysis. However, it does include some speculation about the potential impact of the government’s actions on consumer confidence and the popularity of the new Government, which could be seen as slightly subjective.
Noise Level: 3
Noise Justification: The article provides relevant information about UK consumer confidence and its decline due to the cost-of-living crisis, inflation, and energy bills. It also includes expert opinions on the situation. However, it does not explore potential solutions or long-term trends in depth, nor does it hold specific individuals accountable for decisions that led to this situation.
Financial Relevance: Yes
Financial Markets Impacted: UK financial markets and companies related to energy, food, and housing may be impacted
Financial Rating Justification: The article discusses UK consumer confidence which is a financial topic and mentions the cost of living crisis affecting households with soaring energy bills and inflation. This can have an impact on various sectors such as energy, food, and housing companies, potentially influencing the UK financial markets.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text, but the article discusses a significant drop in UK consumer confidence due to the cost of living crisis.
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