UK households bracing for new cost of living crisis, report finds

PwC survey reports fast fall in consumer confidence with people worried about Iran war’s impact on economy and personal finances

British households are bracing for a new cost of living crisis, as the impact of the Middle East conflict dampens confidence in the economy and personal finances, a survey has suggested.

Consumer confidence in the UK has dipped over the last three months at the fastest rate since June 2022, when inflation in the UK was soaring as a result of Russia’s invasion of Ukraine and the spike in commodity prices.