Consumer confidence in the UK went down by two points to -19 in September compared to last month, according to the latest figures from GfK’s Consumer Confidence Index.

The data found that the consumer sentiment towards the general economic situation in the UK during the last 12 months decreased by three points to -45, which marks an eight-point reduction year-over-year.

Consumer expectations for the upcoming 12 months have gone down by two points to -32, which is five points lower than the year prior.

The fall in consumer confidence was driven by the expectations of higher taxes in the upcoming November Budget, according to GfK.

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Neil Bellamy, Consumer Insights Director at GfK said: “There’s an autumnal chill in the air this month, with all five measures of consumer confidence down and the Overall Index Score for September slipping two points from -17 to -19. The August 7th decrease in interest rates does not appear to have provided any obvious boost to the financial mood of consumers or drawn attention away from day-to-day cost issues.

“Looking at the economy, sentiment is sliding sharply: in June 2024 our forward-looking measure stood at -11, but just 15 months later it has slumped to -32. Perceptions of the past year remain weak too, down three from last month to -45. With tax rises expected in the November budget, the risk is that confidence inevitably falls, just like the autumn leaves.”