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The GfK Consumer Confidence Index in the United Kingdom increased by 3 points to -18 in November 2024, marking its first improvement in three months. This gain comes amid lower interest rates, rising wages, and reduced concerns about tax hikes. The latest reading also recovered from the pre-Budget dip in October, surpassing expectations that had predicted a further decline to -22. Chancellor Rachel Reeves recently unveiled significant increases in spending, taxes, and borrowing, though the anticipated extension of income tax thresholds was not included. The Bank of England also cut interest rates for the second time this year, bringing them to 4.75% in November, while wage growth continued to outpace inflation. Neil Bellamy, Consumer Insights Director at GfK, noted a notable 5-point increase in consumers' willingness to make big-ticket purchases, which could signal higher spending during the upcoming holiday season.