Consumer confidence in the UK drops due to budget concerns; Elon Musk excluded from UK investment summit – live updates on business developments | Business.

UK consumer confidence has taken a hit due to fears over the upcoming budget and gloomy government warnings, according to a recent survey by the British Retail Consortium. The survey found that households’ assessment of the general economic situation over the next three months has significantly declined, with older people being particularly impacted. The looming possibility of tax increases in the October budget has also increased worries about personal financial situations. Despite the drop in confidence, expectations for future retail spending are still negative, with many consumers planning to reduce their savings instead.
Additionally, a separate survey by market research group GfK showed a decline in consumer confidence to its lowest level since March. This decrease in optimism is attributed to concerns over the government’s plans for a potentially “painful” budget.
In other news, pub chain Mitchells & Butlers reported a slowdown in sales growth in the last eight weeks due to factors such as an unseasonably cool and wet summer, as well as disruptions caused by riots. Furthermore, the Swiss National Bank has cut interest rates in response to a decrease in inflationary pressure and a rise in the value of the Swiss franc.
On the international front, the European Bank for Reconstruction and Development has lowered its growth forecast for Ukraine due to Russian attacks on its energy infrastructure, leading to increased reliance on expensive imports. This situation highlights the challenges faced by Europe in dealing with higher energy prices and the need for investment to stimulate growth.

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