ARTICLE
27 September 2024

UK Economic Overview Consumers And The Macro Economy: September 2024

AC
Ankura Consulting Group LLC

Contributor

Ankura Consulting Group, LLC is an independent global expert services and advisory firm that delivers end-to-end solutions to help clients at critical inflection points related to conflict, crisis, performance, risk, strategy, and transformation. Ankura consists of more than 1,800 professionals and has served 3,000+ clients across 55 countries. Collaborative lateral thinking, hard-earned experience, and multidisciplinary capabilities drive results and Ankura is unrivalled in its ability to assist clients to Protect, Create, and Recover Value. For more information, please visit, ankura.com.
In September, UK consumer confidence declined despite steady economic indicators, as concerns over the economic outlook rise ahead of the new government's Budget. Businesses await further stimulus for growth.
United Kingdom Strategy

Following steady improvements in UK economic indicators this year and expectations of a post-election and post-rate cut boost, consumer confidence deteriorated sharply in September amid concerns regarding the economic outlook and negative signals ahead of the new government's first Budget. Persistent caution has also been reflected in slowing consumer credit growth over recent months.

There are though continuing green shoots of economic improvement, principally the Bank of England's move to begin reducing its base rate which fell to 5.0% in August. Other positive signs include sustained GDP growth over Q2 2024, a drop in the unemployment rate to 4.1%, and strong decreases in shipping freight rates.

Despite these positive signs, all eyes will be on the UK Government's Budget announcement on 30 October as businesses and consumers seek stimuli and positive signals to advance from the primarily cautious economic environment and drive some much-needed growth.

View the full UK report here.

Our U.S. report is also available here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More