UK consumer confidence hits 17-month low

UK consumer confidence fell to a 17-month low in April, dropping to -23 from -19 in March, according to market research firm GfK. The decline reflects increasing concerns about the country's economy, driven by rising utility bills and concerns over US trade policy, as reported by Reuters.

According to the agency, the drop in the index points to growing pessimism among Britons about the economy. The Consumer Expectations Index reached its lowest level since March 2023. Households are contending with mounting costs, including a 6.4% soar in energy prices, alongside fears of potential inflation spurred by President Donald Trump's tariffs.

GfK’s Neil Bellamy warns that consumer confidence could deteriorate further if inflation rises sharply this year. Britons are already grappling with higher utility bills, council tax, stamp duty, and road taxes.

Meanwhile, the Bank of England remains uncertain on how the trade tensions caused by US tariffs are going to affect inflation in the UK.