0816 GMT - Consumer spending in the U.K. could still pick up despite the barrage of bad news leaving Britons in a gloomy mood, Pantheon Macroeconomics' Elliott Jordan-Doak writes. Confidence dropped this month to its lowest since 2023, according to a survey by research group GfK set out Friday, as consumers reacted to a looming trade war, a spike in gilt yields and a difficult fiscal backdrop in Britain. Still, confidence doesn't always tally with behaviour, Jordan-Doak says. "Consumers' confidence should improve with real wage increases--including from the effect of a large minimum wage hike to come in April--and steady if unspectacular GDP growth," he tells investors in a note. (joshua.kirby@wsj.com; @joshualeokirby)
(END) Dow Jones Newswires
January 24, 2025 03:16 ET (08:16 GMT)
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