UK Consumer Confidence Drops to Record Low Amid Rising Costs

Consumer confidence in the UK has plummeted to a record low of -37 in February, marking the fifth consecutive month of decline, according to the British Retail Consortium (BRC). Concerns over rising energy prices, increased national insurance contributions, and new budget-related costs have contributed to this downturn, with many retailers warning of necessary price hikes and job cuts. BRC chief executive Helen Dickinson noted that expectations for personal finances have also deteriorated, falling nearly 40 points since last July. The survey indicated that while personal spending expectations have slightly improved, this may be largely influenced by anticipated price increases. Additionally, there is a noted gender divide in confidence levels, with women expressing greater pessimism than men about the economy. Overall, the data highlights a grim outlook for households as they brace for further financial pressures.