‘No festive cheer’ as consumer confidence falls
Households hit by interest rate hike, higher inflation and Brexit-related uncertainty ahead of Christmas

Consumer confidence is at its lowest since the aftermath of the Brexit vote, in a worrying sign for retailers preparing for the Christmas shopping period.
The combined effects of the recent interest rate hike, higher inflation and Brexit-related economic uncertainty saw the GfK consumer confidence index record a two-point fall to -12 in November.
All five measures used to calculate the score dropped for the month, with the steepest fall recorded for major purchases, according to City AM.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Shoppers appear “resolutely gloomy” about the economic outlook in the run-up to the Christmas season, said Joe Staton, head of market dynamics at GfK.
“There’s no festive cheer,” he said. “The confidence trajectory is unquestionably negative and sadly no amount of tinsel or baubles will change it. We need some big, positive economic good tidings to reverse this downwards trend.”
The UK’s economic growth has slowed this year as higher inflation, largely driven by the fall in sterling since the Brexit referendum, has led to households tightening their belts, Sky News reports.
However, recent figures from the British Chambers of Commerce “suggested exporters were enjoying strong sales as they benefited from the weakness of the pound that makes their prices more competitive”, the broadcaster adds.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
May 31 editorial cartoons
Cartoons Saturday's political cartoons include how much to pay for a pardon, medical advice from a brain worm, and a simple solution to the national debt.
-
5 costly cartoons about the national debt
Cartoons Political cartoonists take on the USA's financial hole, rare bipartisan agreement, and Donald Trump and Mike Johnson.
-
Green goddess salad recipe
The Week Recommends Avocado can be the creamy star of the show in this fresh, sharp salad
-
How will Wall Street react to the Trump-Powell showdown?
Today's Big Question 'Market turmoil' seems likely
-
Can the UK avoid the Trump tariff bombshell?
Today's Big Question President says UK is 'way out of line' but it may still escape worst of US trade levies
-
Five years on, can Labour's reset fix Brexit?
Today's Big Question Keir Starmer's revised deal could end up a 'messy' compromise that 'fails to satisfy anyone'
-
Will Rachel Reeves have to raise taxes again?
Today's Big Question Rising gilt yields and higher debt interest sound warning that Chancellor may miss her Budget borrowing targets
-
Fed cuts rates half a point, hinting victory on inflation
Speed Read This is the Fed's first cut in two years
-
US job growth revised downward
Speed Read The US economy added 818,000 fewer jobs than first reported
-
Is the Fed ready to start cutting interest rates?
Today's Big Question Recession fears and a presidential election affect the calculation
-
Will the housing slump ever end?
Today's Big Question Probably not until mortgage rates come down