Consumer confidence resembles an "abandoned bowl of porridge"

Consumer confidence resembles an "abandoned bowl of porridge"

Although the government has declared an "end to austerity", the news of lower retail price inflation and acceleration of wage growth, consumer confidence eased again this month.

GfK's Consumer Confidence Index fell one point to -10 in October, with three of the five measures declining and the other two remaining the same.

Views on personal finance and the economy for the coming year fell by one point, while the numbers on buying (-2) and saving (-1) also struck.

Joe Staton, director of customer strategy at GfK, describes the current state of consumer confidence as an abandoned bowl of oatmeal: "Cold, frozen and without heat, some cream and sugar and a good old riot. "

He adds, "Brexit worries people on the side of caution and error. In October, we had encouraging news about retail price inflation and wages and promised that austerity would soon be over, but the public seems to neglect these developments.

"It's very likely that consumer sentiment will stay in the doldrums for some time."

Perhaps the announcement of the budget for this week will be positive for some November results after the government has effectively lowered taxes by raising the income tax threshold. This means that consumers will receive a little more money each month.

The basic tariff threshold is set to rise to £ 12,500 and the higher interest rate from April 2019 to £ 50,000, compared to £ 11,850 and £ 46,350 now.

However, GDP growth is relatively slow over the next five years, especially when compared to historical figures. For 2018, an increase of just 1.3%, 2019 of 1.6%, 2020 of 1.4%, 2021 of 1.4%, 2022 of 1.5% and 2023 of 1.6% is expected. Critics described the growth numbers as "gloomy".

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