UK consumer confidence falls to lowest level since 1974

Consumer confidence continues to nosedive as the cost of living crisis deepens, the GfK index shows. Photograph: Jane Barlow/PA

Consumer confidence in the UK has fallen to the lowest level since records began in 1974 amid growing concern over the cost of living crisis.

Stoking fears that Britain is heading for a recession caused by the squeeze on family budgets, the latest monthly snapshot showed consumers are now gloomier about their prospects than they were during the 2008 financial crisis.