Rachel Reeves faces a fresh setback after damning consumer poll
It added to the gathering gloom over the economy at the start of the year as supermarket chain Sainsbury's yesterday revealed a cull of jobs while Primark said its sales were suffering.
Beleaguered Rachel Reeves has received a fresh setback as figures show a sharp slump in consumer confidence in a sign that âpeople see dark days aheadâ.
It added to the gathering gloom over the economy at the start of the year as supermarket chain Sainsburyâs yesterday revealed a cull of 3,000 jobs while cut-price retailer Primark said its sales were suffering.
With growth stagnant and inflation turning higher, the Chancellor has jetted to the World Economic Forum in Davos to try to drum up investment from global bosses.
During the meetings she has repeatedly insisted on her commitment to growth and that she is taking on regulators getting in the way of business.
But critics say it is her own policies, in particular the ÂŁ25billion raid on employer national insurance that stunned business, that are doing the biggest damage - and that there has so far been little sign of the promised drive to boost the economy.
Today, a closely-watched new survey by data firm GfK reveals that the gloom is now feeding through to ordinary households. It showed that consumer confidence has this month dropped to its lowest level since December 2023.
Neil Bellamy, GfKâs consumer insights director, said: âNew Year is traditionally a time for change, but looking at these figures, consumers donât think things are changing for the better.â
The poll revealed notable falls in householdsâ views on the wider economy.
Rachel Reeves (pictured in Davos) has received a fresh setback as figures show a sharp slump in consumer confidence in a sign that âpeople see dark days aheadâ
Supermarket chain Sainsburyâs yesterday revealed a cull of 3,000 jobs
Primarkâs parent company Associated British Foods revealed a sales setback caused by the darkening mood among consumers since the Budget
âThese figures underline that consumers are losing confidence in the UKâs economic prospects,â said Mr Bellamy.
There was also a big jump in a measure of savings intentions.
âThis sharp increase is unwelcome because itâs another sign that people see dark days ahead and are therefore thinking of putting money aside for safety,â Mr Bellamy added.
In another blow, a separate report from the Confederation of British Industry (CBI) found British factories continued to struggle at the start of 2025 as optimism among manufacturers sagged to its lowest level in over two years.
âManufacturers have entered the new year in a grim mood. Confidence has evaporated over the last three months as orders have dropped,â said Ben Jones, lead economist at the CBI.
Ms Reeves insisted during a Wall Street Journal event in Davos that the government was âproudly pro-businessâ and was forced once again to defend the Budget, claiming there was âno serious alternativeâ to her actions.
âIâm not going to apologise for putting our public finances on a firm footing,â she said. âIt was the Budget that was necessary.â
The Chancellor said the government was now embarking on reforms âremoving those barriers that have stopped businesses investing in Britain for too longâ.
Ms Reeves is currently with fellow politicians and business leaders at the World Economic Forum in DavosÂ
Ms Reeves insisted during a Wall Street Journal event in Davos that the government was âproudly pro-businessâ and was forced once again to defend the Budget, claiming there was âno serious alternativeâ to her actions
Charlie Nunn, CEO of Lloyds Banking Group, said a number of business leaders âhave been concerned about whatâs going on at the momentâ
Yesterday, the boss of Lloyds Banking Group - Charlie Nunn - said: âThe Chancellor has talked about having set the foundations and having got the foundations right. That was really important.
âWe didnât have economic plans for the UK that was stable and in a good place. But what we will see over the next few months is the things they have talked about need to now be accelerated and they need to come at pace.â
Mr Nunn, who is also in Davos, told Bloomberg TV that a number of business leaders âhave been concerned about whatâs going on at the momentâ.
The mood on the high street has been particularly grim as Ms Reevesâs NI hike falls particularly hard on major retailers.
Sainsburyâs said the âparticularly challenging cost environmentâ was behind its decision to cut thousands of jobs as it shuts down its remaining cafes and closes patisserie and pizza counters.
And Primarkâs parent company Associated British Foods revealed a sales setback caused by the darkening mood among consumers since the Budget.
Finance director Eoin Tonge said: âThereâs no doubt we are suffering from a weak consumer, particularly elements of our consumer base who are clearly struggling.â
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