Britons' Job Security Slumps as Interest Rate Expectations Rise
The sense of job security among Britons has dropped to its lowest level in over three-and-a-half years, according to the latest S&P Global UK consumer index. The survey found that workers in all industries except for IT and telecoms felt less secure about their jobs last month.
Retail workers reported the greatest level of concern, amid a squeeze on retailers from higher employment costs, weaker consumer spending, and disruptions to supply chains linked to the Iran war. The overall score for the consumer sentiment index slipped to 42.7 in September from 42.9 in August, indicating 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 saying they foresee rate hikes compared to just 12% who believe rates will be lowered.