UK consumer confidence suffers steepest fall since Covid as cost of living bites

Summary

Consumer confidence in the UK has fallen at the fastest rate outside the Covid pandemic since the 2016 Brexit vote, according to the data company GfK. Its latest barometer shows confidence dropped by 11 percentage points in October to -24, as rising living costs weigh on households. The Financial Times reports that the index, which measures how people view their finances and economic prospects, had its largest monthly drop since the onset of Covid in 2020. The Guardian links the decline to economic fallout from the war in the Middle East, which is adding to pressure on consumers and on the chancellor less than a week before John Healey's first budget.

Timeline

1. Financial Times

   22 Oct 2026, 23:01 UTCSource ↗

   The Financial Times reports that UK consumer confidence has suffered its largest monthly drop since the onset of Covid in 2020, with the cost of living described as relentless pressure behind the collapse.

2. The Guardian

   23 Oct 2026, 04:00 UTCSource ↗

   The Guardian reports that GfK's barometer shows UK consumer confidence fell 11 percentage points in October to -24, the fastest rate outside Covid since the 2016 Brexit vote, amid economic fallout from the war in the Middle East ahead of John Healey's first budget.