FX.co ★ UK Consumer Confidence Weakens in November

The GfK Consumer Confidence Index for the UK dropped to -19 in November 2025 from -17 in October, falling short of the anticipated -18, as households readied themselves for the upcoming budget from Finance Minister Rachel Reeves. It is anticipated that Reeves will introduce tax hikes amounting to 20 to 30 billion pounds, in light of a probable growth downgrade, increased borrowing costs, and escalating welfare expenses. Neil Bellamy, the consumer insights director at GfK, described the latest figures as “a bleak set of results as we head towards next week’s Budget.” This report indicates that drops across all five components suggest the public is bracing for challenging news. Projections for confidence in personal finances and the broader economy each slid by 2 points, reaching 1 and -32, respectively. Additionally, the major purchase index, which measures willingness to invest in major items, declined by 3 points to -15.