UK Shoppers Slash Spending Amid Budget Uncertainty
Update: 2025-12-09
Description
UK Shoppers Slash Spending Ahead of Budget, Black Friday Sales DisappointThe UKs consumer economy took a hit as shoppers significantly reduced spending in November, fearing potential tax increases. This led to a dismal Black Friday sales period for retailers, with spending on credit and debit cards dropping by 1.1% compared to the previous year. Larger retailers saw a mere 1.4% year-on-year growth, the slowest since May. These figures align with a weakening consumer economy, as retail sales fell sharply in October and consumer confidence reached a seventeen-year low. The pre-budget uncertainty also affected other sectors, including construction and the job market, and led to a spike in early pension withdrawals. Despite Chancellor Rachel Reeves decision against increasing income tax rates, overall growth for non-food items was minimal.
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