Overview
- The S&P Global UK consumer sentiment index slipped to 42.7 in September, a three-month low that signals broad negative household sentiment below the 50.0 threshold.
- Job-security fears rose to their weakest level in about three-and-a-half years for workers outside IT and telecoms, with retail staff reporting the greatest concern.
- Around 53% of survey respondents now expect the Bank of England to raise interest rates, reflecting the Bank’s warning that energy-driven inflation makes the case for hikes stronger.
- Households are cutting big-ticket purchases, running down savings and relying more on credit as higher energy bills and job worries squeeze budgets.
- The September results build on reports of roughly 200,000 job cuts since the new government took office and add pressure ahead of the autumn Budget and likely fiscal choices.