The GfK Consumer Confidence Index for the UK slipped to -19 in September 2025 from -17 in August, undershooting expectations of -18 as worries over looming tax hikes weighed on sentiment. All five measures of confidence deteriorated, while a separate indicator of savings intentions posted a sharp decline. Economic outlook sentiment also stayed subdued at -32. GfK cautioned that fears of tax increases in Finance Minister Rachel Reeves’ November budget could further erode confidence. Reeves is due to raise taxes on November 26 to keep budget goals on track, following last year’s rise in employer social security contributions. Meanwhile, Neil Bellamy, GfK’s consumer insights director, noted that the Bank of England’s August rate cut failed to lift consumer sentiment or distract from ongoing cost pressures.
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