FX.co ★ UK Consumer Confidence Hits 11-Month Low

The UK GfK Consumer Confidence Index declined to -21 in March 2026 from -19 in February, its lowest reading in almost a year, as worries about the impact of the Middle East conflict on inflation and growth dampened sentiment. The sharpest deterioration was in households’ expectations for the general economic situation over the next 12 months, which fell by 6 points, while perceptions of personal finances were unchanged. The survey also recorded a 4-point drop in consumers’ willingness to make major purchases and a 6-point increase in the savings rate. British households continued to grapple with surging energy costs, with petrol prices up around 50% since the onset of the Iran war, and government support for those dependent on heating oil remaining limited. Neil Bellamy, Consumer Insights Director at GfK, noted: “People simply do not feel the economy is robust enough to ride out the knock-on effects from the Middle East conflict.”