UK consumer confidence falls to lowest level since 1974
The Guardian says consumer confidence in the UK has fallen to the lowest level since records began in 1974 amid growing concern over the cost of living crisis.
Stoking fears that Britain is heading for a recession caused by the squeeze on family budgets, the latest monthly snapshot showed consumers are now gloomier about their prospects than they were during the 2008 financial crisis.
Almost all confidence measures tracked by the polling firm GfK fell in May, continuing a steep decline from April when households were hit by record increases in energy bills after the rise in the Ofgem price cap.
The headline UK consumer confidence index, a measure of how people view their personal finances and the wider economic outlook, dropped by two percentage points to -40 in May, surpassing the previous record low of -39 set in July 2008 when the global banking system was imploding.
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