UK consumer confidence has dropped to its lowest level since the peak of the cost of living crisis in December 2022, as households feel the strain of Donald Trump’s new tariffs, the ongoing war in Ukraine, and a raft of domestic tax and price increases, according to new data from Which?.
The consumer group’s latest confidence tracker fell by seven points to -53, reflecting widespread concern over both the economy and personal finances. Nearly two-thirds of consumers (64%) believe the UK economy will deteriorate over the next year, while just 11% are optimistic it will improve.
The data mirrors other warnings about rising anxiety among UK households. According to GfK, April brought a “perfect storm” of pressures including higher utility bills, council tax, road tax, and stamp duty, compounded by global instability and fresh concerns about inflation rebounding due to Trump’s trade policies.
The survey, conducted in the month to 11 April, found that 67% of people blamed their pessimism on global events like the Russia-Ukraine war and Trump’s reciprocal tariffs, while 63% cited rising prices, and 60% pointed to UK government tax changes.
Household financial outlooks also deteriorated sharply, with confidence in future household finances dropping by 10 points to -19 — the lowest level since July 2023. Confidence in current finances also fell by six points to +21.
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