UK consumer sentiment slides ahead of Budget
By Abigail Townsend
Date: Monday 17 Nov 2025
(Sharecast News) - UK consumer sentiment softened in November, a survey suggested on Monday, as uncertainty mounted ahead of this month's Budget.
The latest S&P Global UK consumer sentiment index came in at a four-month low of 45.2, down on October's 47.4.
Within that, all sub-measures were weaker.
The household finance index slid from 47.5 to 43.4, a six-month low, while views on making major purchases shed 1.9 points at 38.1.
A reading above the benchmark 50.0 indicates an increase or improvement, while one below it suggests a decrease or contraction.
Maryam Baluch, economist at S&P Global Market Intelligence, said: "Households' appetite for spending retreated further amid a steepening fall in disposable incomes, pointing to reduced spending across all income tiers.
"The need for loans has also grown."
Consumer confidence has remained under pressure for most of this year, weighed down by sluggish economic growth, a loosening labour market and inflation persistently above the Bank of England's long-term 2% target.
Interest rates, meanwhile, remain high by historic standards, at 4%.
Uncertainty has ramped up in recent weeks, however, ahead of the Budget, which chancellor Rachel Reeves is due to present on 26 November.
The Treasury initially seemed to concede tax rises were inevitable, despite manifesto pledges to the contrary. However, last week it apparently rowed back on that, unnerving debt markets.
Baluch said: "As we approach the Budget, a sense of unease permeates across UK households, who are keenly awaiting the chancellor's decisions.
"Many households are grappling with uncertainty regarding potential changes in taxation, public spending and economic forecasts that could significantly impact their financial wellbeing."
The consumer sentiment index, which has been running since 2009, is based on a panel of 1,500 UK households.
The latest data were collected between 6 and 10 November.
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