UK consumer confidence hits record low as the cost-of-living crisis deepens

Report by GfK

Consumer confidence in the UK has plunged to its lowest level in almost 50 years as the cost-of-living crisis and a record surge in inflation continue to squeeze incomes in the country.

According to research carried out by GfK, the UK consumer confidence index dropped 2 percentage points to minus 40 in May, the lowest level since records began in 1974, breaking the previous low established during the Global Financial Crisis. The survey, based on interviews conducted in the first half of May, indicated that people's personal financial situations have deteriorated over the last 12 months, making them less likely to make significant purchases.  The general economic outlook had deteriorated as well, with inflation hitting a 40-year high of 9% in April amid soaring energy...