{"id":73019,"date":"2022-04-27T08:23:06","date_gmt":"2022-04-27T08:23:06","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=73019"},"modified":"2022-04-27T08:23:09","modified_gmt":"2022-04-27T08:23:09","slug":"uk-economy-stumbles-as-consumers-firms-brace-for-downturn","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/uk-economy-stumbles-as-consumers-firms-brace-for-downturn\/","title":{"rendered":"UK economy stumbles as consumers, firms brace for downturn"},"content":{"rendered":"\n

UK economy is losing steam as households face a tightening cost-of-living squeeze, according to data published on Friday which showed sliding retail sales and consumer confidence approaching all-time lows.<\/p>\n\n\n\n

The pound slid by more than a cent to fall below $1.29 for the first time since November 2020 after official data and surveys of consumers and businesses pointed a sharp growth slowdown, or worse, in the coming months.<\/p>\n\n\n\n

A closely watched gauge of business activity from S&P Global showed growth slowed by more than expected this month as companies grappled with surging costs and became much gloomier about the outlook.<\/p>\n\n\n\n

Official data showed retail sales volumes slid by 1.4% in March from February, a worse reading than any economist forecast in a Reuters poll.<\/p>\n\n\n\n

Earlier on Friday, market research firm GfK said consumer confidence slumped this month to close to its lowest level since records began nearly 50 years ago.<\/p>\n\n\n\n

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Overall, the data underscored growing concern at the Bank of England about the opposing challenges of weakening demand and inflation at a 30-year high of 7% and likely to rise further beyond the central bank’s 2% target.<\/p>\n\n\n\n

Governor Andrew Bailey said on Thursday the BoE was walking a tight line between tackling inflation and avoiding recession, a challenge facing other major central banks around the world.<\/p>\n\n\n\n

“Whether the UK heads into a recession is still an open question,” said ING economist James Smith, who highlighted the potential for savings that many households built up during the coronavirus pandemic to continue driving growth.<\/p>\n\n\n\n

“The jury’s out, but we think the Bank of England is more likely to hike interest rates once or twice more, before pressing the pause button over the summer.”<\/p>\n\n\n\n

The S&P Global Composite Purchasing Managers’ Index fell in April 57.6 from 60.9. While still comfortably above the 50 threshold for growth, economists polled by Reuters had mostly expected a smaller fall to 59.0.<\/p>\n\n\n\n

Consumer-facing businesses will likely face a tough time in the months ahead, with GfK’s gauge of households’ confidence about their finances in the future slumping to a record low.<\/p>\n\n\n\n

The Office for National Statistics said food and petrol sales fell sharply last month and it cited rising prices as possible explanations for the falls. Online retail sales also declined.<\/p>\n\n\n\n

Retail sales volumes are 2.2% above their level in February 2020 but they are a long way behind where they would have been if growth had continued along its pre-pandemic trend, Keith Church, an economist from risk consultancy 4most, said.<\/p>\n\n\n\n

Earlier this month, Tesco (TSCO.L), Britain’s biggest retailer, warned of a drop in profits as high inflation squeezes the supermarket group and its customers.<\/p>\n\n\n\n

Reporting by Andy Bruce<\/em><\/p>\n\n\n\n

Source: Reuters<\/a><\/p>\n\n\n\n

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UK economy is losing steam as households face a tightening cost-of-living squeeze, according to data published on Friday which showed sliding retail sales and consumer confidence approaching all-time lows. 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