Rising UK consumer confidence gives Andy Burnham ‘golden opportunity,’ survey says – business live

BRC says confidence in economy hits highest level since the lows reached at start of Iran war At the same time, new figures revealed that US debt had reached $40tn for the first time, the US treasury department said, after the government deficit doubled over the last decade.

The milestone marks years of government spending that grew under both Trump and Joe Biden .

During his first term, Trump approved $8.4tn worth of debt, with a huge chunk going to Covid-19 relief spending, while Biden approved $4.3tn worth of debt, according to the Committee for a Responsible Federal Budget .

The state of the economy improved to -28 in August, up from -36 in July.

Their personal financial situation improved to -9 in August, up from -12 in July.

Their personal spending on retail rose to +8 in August, up from +1 in July.

Their personal spending overall increased slightly to +15 in August, up from +13 in July.

Their personal saving fell slightly to -5 in August, from -4 in July.

Consumer sentiment continued to rise with confidence in the economy hitting its highest level since the historical lows reached at the start of the Iran conflict.

Expectations for personal finances saw a small improvement, driven by an optimistic Gen Z.

This same generation also reported a bump in spending plans, as the stifling summer heatwaves are expected to give way to more shopping-friendly temperatures in much of the country.

The Burnham administration is enjoying a honeymoon boost driven by less pessimism about the outlook, but maintaining that momentum will depend on whether the Government can ease the pressure on household budgets.

Retailers compete fiercely to keep the cost of food and essentials down, yet mounting regulatory and tax burdens risk pushing prices higher.

The Budget will be the acid test of this government’s real commitment to growth: if the government can reduce retail business costs, from energy bills to business rates, it will be ordinary households who feel the benefit.