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UK consumer confidence plunges amid higher mortgage and rental costs

Survey for October registers biggest month-on-month drop since March 2020

A closely watched UK consumer confidence survey has registered its biggest month-on-month drop in more than three years, as households contend with surging mortgage and rental costs, and higher petrol prices.

The GfK consumer confidence index — a measure of how Britons view their personal finances and broader economic prospects — fell nine points from minus 21 to minus 30 in October, the research group said on Friday.

The reading — the largest monthly drop since March 2020, when the government introduced strict Covid-19 curbs — reversed rises in August and September. Economists polled by Reuters had forecast a slight increase to minus 20.

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