UK consumer confidence falls to its lowest level since 1970s

The UK is on course to be the advanced economy hit worst by high inflation and weak growth.

Britain's worst bout of inflation in 40 years is quickly becoming a crisis both for Prime Minister Boris Johnson's government and the Bank of England. Picture: Chris J. Ratcliffe.

UK consumer confidence fell to its lowest level in at least 48 years after a surge in the cost-of-living left people more gloomy than at the depths of the 1970s energy crisis and during the recession more than a decade ago.

The market researcher GfK said its closely-watched measure of sentiment fell 2 points to minus 40 this month, the least since records began in 1974. It’s another sign that the worst inflation in four decades is threatening the recovery from the pandemic.