Consumer confidence has plunged to a new record low as the cost of living crisis bites.
The GfK index has dropped three points this month as consumers battle runaway inflation, a growing tax burden and fail to secure wage increases in line with rising prices. The fall has reversed a rebound in July to take confidence to its lowest level since records began in 1974.
It said households had become “exasperated” at the state of the economy, with sentiment lower than during the recessions of the mid-1970s, the early 1980s, the early 1990s and the late 2000s.
