Concern about the cost of living has hit a record high as UK households continue to “bear the brunt”.
A new survey says confidence in household finances over the short term, hit an all-time low in April, dropping by six points on the previous month and a “massive” 57 points compared with April last year to 56.7.
The 12-month outlook also hit a new low, inching downwards from 49.1 to 48.3.
The study from YouGov and the Centre for Economics and Business Research (CEBR) found that overall consumer confidence has fallen one point since March but 7.6 points since this time last year.
Other metrics such as house value, job security, and business activity remain stable, the survey suggests.https://22e357f4357065ac75b50afbbba2b248.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.htmlAdvertisement
The new statistics come ahead of the release of new UK GDP figures which are expected to put growth at 1% for the first quarter of this year, down from 1.3 for quarter 4 last year.
Last week the Bank of England warned of double-digit inflation and a high risk of recession.