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Fri, 27 Mar 2026

Fri, 27 Mar 2026 'Ripple of fear' over Iran war hits consumer confidence

A key survey indicates growing doubt among shoppers over prospects for the UK economy in the next year.

* UK consumer confidence has declined due to concerns over the impact of the US-Israel conflict with Iran, according to a recent survey by GfK.
* The Consumer Confidence Barometer for March shows a drop in expectations for the general economic situation and a decrease in appetite for big purchases.
* People are more interested in saving money due to uncertainty about the economy's prospects.
* Retail sales figures from the Office for National Statistics (ONS) show a 0.4% fall in February, which some analysts attribute to shoppers bringing forward their spending to take advantage of January sales.
* The conflict has led to increased energy prices, with Brent crude oil up around 50% and drivers seeing price rises at the pump.
* Energy consultants predict average annual energy bills for households could go up by £300 from July due to the rising cost of energy.
* Global policy group OECD forecasts that the UK will face significant economic growth impact from the conflict among G20 major economies.