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UK consumers save more as they brace for tougher times, GfK says
A reduced spending results in a lowered aggregate consumer demand and a likely deflationary pressure.
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Reuters - Fri, 25, Jul 2025
- 03:04 EDT
- 16
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Shoppers browse aisles in a supermarket in London, Britain April 11, 2017. / REUTERS/Neil Hall
British consumers remained in a cautious mood this month ahead of possible tax increases later this year and added to their savings, according to a survey published on July 25.
The consumer confidence index from market research firm GfK dipped to -19 in July from a six-month high of -18 in June.
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Economists polled by Reuters had mostly expected a reading of -20.
"The data suggests that some people may be sensing stormy conditions ahead," Neil Bellamy, consumer insights director at GfK, said.
"With speculation growing over possible tax rises in the Autumn budget, and price pressure contributing not just to higher inflation already but also to the likelihood of worse inflation to come, the news is worrying."
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