UK Consumer Confidence Falls to -24: What It Means for Your Money Before the Budget

TL;DR: Consumer confidence fell 11 points to -24 in October, the steepest monthly fall since April 2020, according to GfK. The major-purchase index is at its lowest in more than two years. It lands four days before the Autumn Budget and ahead of the Bank of England rate decision on 5 November.

What does -24 actually mean?

GfK asks households how they feel about their own finances and the wider economy. A score below zero means more people are pessimistic than optimistic, and -24 is deep pessimism. The major-purchase index, which tracks plans to buy big items like cars and furniture, is at its lowest in more than two years, which means households are putting big spending on hold.

Why does it matter four days before the Budget?

Chancellor John Healey delivers the Autumn Budget on Wednesday 28 October, and this survey raises the pressure for measures that help households with bills and the cost of living. It does not tell us what he will announce. Watch the Budget for tax, benefits and energy help, and read what the Budget could mean for capital gains tax, where a reported change still needs confirmation on the day.

What does it mean for interest rates on 5 November?

The Bank of England sets the Bank Rate, currently 3.75%, on 5 November. Weak confidence supports the case for a cut, because it points to weaker spending, but one survey does not guarantee a decision. Savers should not rush to lock money away on the strength of one survey, and tracker mortgage holders should watch the decision itself. Follow the daily briefing on the live markets page for the decision as it lands.

What should you do with your money?

First, do not make a big money decision on one survey alone. If cash is tight, delaying a big non-essential purchase is sensible. Second, check your emergency fund covers a few months of essentials before locking money into fixed savings. Third, if you are waiting on a fixed rate, top rates do not wait for anyone, so compare them before the Budget rather than after it.

Sources: GfK/NIQ consumer confidence announcement and Reuters, checked 24 October 2026. This is information only, not financial advice.