The cost-of-living crisis has plunged consumer confidence in the UK to its lowest level since the pandemic, as rising food and energy bills hit families. There has been a “significant and sustained decline in the consumer climate”, which has led to the biggest drop in confidence in a year since the global financial crisis, according to a new PwC report this morning. The UK Consumer Confidence Index fell to -20 this month, from +10 last summer. This is just above the -26 recorded at the start of the pandemic two years ago. Consumer confidence in the UK Photo: PwC The PwC warns that this dramatic decline is showing the impact of the cost-of-living crisis in the UK. Lisa Hooker, Industry Leader for Consumer Markets, PwC UK, says: “This change in sentiment is both significant and sudden, with consumer spending expectations moving to more key areas at the expense of discreet items. “Businesses that help customers by giving them options to back down are more likely to maintain their commitment when things get better.” The 30-point drop in the last nine months is the biggest prolonged drop in PwC research since the 2008 Global Financial Crisis, as households face the biggest squeeze in decades. Energy bills have just skyrocketed and could do so again in October, while food price inflation is the fastest in 10 years. More details follow …..
He is also coming today
Eurozone finance ministers will discuss the effects of the war in Ukraine on European economies at a Eurogroup meeting today as pressure mounts on a ban on Russian gas imports. They will also discuss how a digital euro could be designed and the compromises between privacy and money laundering prevention, illegal financing and tax evasion. European stock markets opened slightly higher, despite concerns about rising inflation, slowing growth and the impact of the war in Ukraine. IGSquawk (@IGSquawk) European start calls: #FTSE 7571 + 0.44% # DAX 14484 + 0.26% # CAC 6706 + 0.32% # AEX 731 + 0.36% # MIB 25193 + 0.12% # IBEX 8521 +0, 20% 2 # 7S1 + 0.20% 2% 2S1 + 0.20% 2% OMX02. 0.51% # STOXX 3929 + 0.27% # IGOpeningCall April 4, 2022 David Buik (@ truemagic68) The problems facing global stock markets remain constant – rampant inflation, rapidly rising energy prices, higher taxes and geopolitical implications. Oil $ 104. Asia is getting stronger in technology. Suggested initial calls calm and thoughtful. FTSE +36 @ 7573 DAX +30 @ 14476 CAC +12 at 6696 DJIA unch at 34818 April 4, 2022
THE AGENDA
7 a.m. BST: German trade balance for February 10.05 a.m. BST: Bank of England Governor Andrew Bailey: Speech at the Stop Scams Conference From 14:00 BST: Eurogroup meeting of eurozone finance ministers in Luxembourg. 15:00 BST: Speech by the Bank of England Deputy Governor Sir Jon Cunliffe at a seminar by the European Economic & Financial Center 3 p.m. BST: Factory orders in the US for February
