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UK Consumers Brace for Budget, GfK Survey Shows
Published by Global Banking & Finance Review®
Posted on November 21, 2025
2 min readLast updated: January 20, 2026
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Published by Global Banking & Finance Review®
Posted on November 21, 2025
2 min readLast updated: January 20, 2026
Add as preferred source on GoogleUK consumer confidence dropped to -19 in November, signaling concerns ahead of Rachel Reeves' budget. The GfK survey highlights a potential impact on household spending.
LONDON (Reuters) -British consumer confidence edged down in November but remained in its narrow range of the past six months, a survey showed on Friday, in contrast to other data that has shown more weakness ahead of finance minister Rachel Reeves' budget next week.
The GfK consumer confidence barometer, Britain's longest-running survey of household sentiment, dropped to -19 from -17, slightly below the -18 forecast in a Reuters poll of economists.
The reading is the joint-lowest since May. But it is some way above April's reading of -23, the joint-lowest in more than a year following an increase in many household bills that month and U.S. President Donald Trump's imposition of import tariffs.
Neil Bellamy, consumer insights director at GfK, said he regarded the figures as "a bleak set of results as we head towards next week's budget" and that "the public is bracing for difficult news."
Reeves is likely to need to raise 20-30 billion pounds ($26 billion-$39 billion) through higher taxes due to an expected growth downgrade from the government's budget watchdog, higher borrowing costs and a U-turn on planned welfare cuts.
The GfK survey showed a three-point fall in households' willingness to make major purchases - potentially a concern for retailers ahead of Black Friday promotions next week and the Christmas trading season.
The survey of 2,003 people took place between October 30 and November 14.
(Reporting by David MillikenEditing by William Schomberg)
Consumer confidence is a measure of how optimistic or pessimistic consumers are regarding their expected financial situation and the overall economic environment. It influences their spending and saving behaviors.
A budget is a financial plan that outlines expected income and expenditures over a specific period. It helps individuals and organizations manage their finances effectively.
Household bills are regular payments made by individuals or families for services such as electricity, water, gas, internet, and other essential utilities required for daily living.
The GfK consumer confidence barometer is a survey that measures consumer sentiment in the UK, assessing how consumers feel about their financial situation and the economy.
Major purchases refer to significant financial expenditures on items such as cars, appliances, or home renovations, which typically require careful planning and budgeting.
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