Britons' Job Security at Three-Year Low Amid Rising Interest Rate Expectations

Britons' sense of job security has plummeted to its lowest level in over three-and-a-half years, according to new data from S&P Global UK's consumer index. The survey found that workers in all industries except for IT and telecoms are feeling less secure about their jobs, with retail employees reporting the greatest level of concern.

The latest reading on the consumer sentiment index slipped to 42.7 in September, down from 42.9 in August. Any score below 50 indicates a broadly negative sentiment, which S&P Global says reflects notable strain on financial confidence across UK households.

More than half of UK households now expect the Bank of England to increase interest rates, with around 53% of respondents believing that borrowing costs will rise compared to just 12% who think they will be lowered. This expectation is linked to concerns about job insecurity and income, as well as a growing reliance on credit.