UK households bracing for new cost of living crisis, report finds
Summary
A survey shows that many UK households are worried about rising living costs due to the conflict in the Middle East. Consumer confidence has dropped sharply, and people plan to spend less on things like fuel and daily expenses. Rising prices for energy and food are expected to make this situation worse later in the year.Key Facts
- Consumer confidence in the UK fell from -1 in January to -13 in April, the lowest since autumn 2023.
- Almost 90% of surveyed people said they are concerned about the cost of living.
- Nearly 80% plan to reduce their spending over the next three months.
- The number of people under 35 who feel financially healthy dropped by 20%.
- Twice as many people (24%) now plan to drive less to save on fuel compared to January (12%).
- The Bank of England expects inflation to rise due to the Middle East conflict, pushing prices for fuel, food, and energy higher.
- UK job appointments fell in April amid market uncertainty from the Iran war and rising costs.
- Employers are using more temporary workers as permanent hires decline.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.