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The GfK Consumer Confidence Index for the UK fell to -19 in November 2025 from -17 in October, coming in below expectations of -18 as households braced for finance minister Rachel Reeves’ budget next week. Reeves is expected to raise 20 to 30 billion pounds in taxes amid a likely growth downgrade, higher borrowing costs and rising welfare expenses. Neil Bellamy, consumer insights director at GfK, said the latest reading was “a bleak set of results as we head towards next week’s Budget,” noting that declines across all five components suggest the public is preparing for difficult news. Forward looking measures for confidence in personal finances and the broader economy each slipped by 2 points to 1 and -32, respectively. The major purchase index, which tracks willingness to buy big ticket items, also dropped by 3 points to-15.