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Consumer confidence in Britain has fallen to its lowest this year as households and businesses “hold their breath” for tax rises in next week’s Budget.

The GfK consumer confidence index — a measure of how people view their personal finances and broader economic prospects — fell to minus 21 in October, according to data published by the research company on Friday.

Consumer confidence is an indication of how likely households are to spend income on goods and services.

The index has not been lower since December 2023. With October’s one-point fall, it is at the same level as February and March, before consumer confidence rebounded mid-year.

A separate survey this week showed business confidence also falling to its weakest since last year.

Neil Bellamy, GfK consumer insights director, said consumers were “in a despondent mood” ahead of the October 30 Budget. Chancellor Rachel Reeves is expected to largely rely on tax increases to close what the government says is a funding gap of about £40bn.

The latest snapshot of consumer confidence gives “a picture of people holding their breath to see what’s in store”, Bellamy added.

Business confidence is also falling, with the S&P Global flash UK PMI composite output index slipping to an 11-month low of 51.7 and companies cutting staff numbers for the first time in 2024.

Chris Williamson, chief business economist at S&P Global Market Intelligence, which compiles the PMI index, said “gloomy government rhetoric and uncertainty ahead of the Budget” had “dampened business confidence and spending”.

While Reeves has pledged not to increase rates of income tax, national insurance or VAT, she is expected to prolong a freeze on personal tax thresholds beyond 2028 in a “stealth” tax move that could raise £7bn a year. She has also not ruled out increasing employers’ national insurance contributions.

In an article for the Financial Times this week, Reeves said the Budget would highlight a choice between investment and decline.

“I am choosing to invest in Britain so we can turn the page on 14 years of slow growth and start making the country better off,” she wrote.

Reeves also confirmed she will change the UK’s fiscal rules in the Budget as she seeks to fund about £20bn a year of extra investment with increased borrowing.

The chancellor said her “investment rule” would ensure Britain avoided “the falls in public sector investment that were planned under the last government”.

But the deterioration in consumer and business confidence comes despite falls in inflation and mortgage rates.

The consumer confidence index had previously fallen seven points in September, reversing improvements since the start of the year.

Official figures last month showed that household consumption has been weak so far this year, despite a fast rebound in wage growth as anxious consumers prioritise saving over spending.

The GfK data indicates that the uncertainty over the government’s tax plans means that consumer morale has yet to benefit from the better economic data.

Households’ assessment of the economy fell 5 points to minus 42, the lowest reading since March, with a smaller decline in expectations for the year ahead, according to the index, which is based on interviews conducted in the first two weeks of the month.

After two years of sharp price rises that hit household finances, inflation fell to 1.7 per cent in September, the lowest in more than three years. It was also the first time inflation has dipped below the Bank of England’s 2 per cent target since early 2021.

Markets have increased bets on BoE interest rate cuts this year on the back of the inflation data, after policymakers lowered the benchmark rate from 5.25 per cent to 5 per cent in August, the first reduction in more than four years.

Separate analysis published by the National Centre for Social Research on Friday indicated that concern about public services was outweighing worries about levels of taxation. Almost half of Britons surveyed in July said taxes and public spending should go up, while dissatisfaction with the NHS hit an all-time high of 61 per cent.

IT’S World Pasta Day and the perfect moment to make the most of this versatile kitchen cupboard staple.

Tuck in to some of your favourite meals, from lasagne to macaroni cheese.

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And here are some other ways to save cash and make the most of the dish . . . 

REUSE WATER: You’re missing a trick if you drain away the water you’ve cooked pasta in.

Instead, use it to make sauces, as the starch helps thicken your concoction.

You can also use to create tastier soups and broths.

And if you plan to make bread from scratch, the starch water will help give a chewier texture than using plain tap water.

LOVELY LEFTOVERS: If you cook too much pasta, don’t bin it — turn it into another dish.

If you have extra penne or rigatoni, knock up a tasty pasta bake.

Or a pasta salad is an easy lunch — add fresh veg for extra crunch and a drizzle of oil, plus seasoning.

Leftover spaghetti can be turned into an egg frittata.

Simply beat enough eggs to cover the leftovers and cook in an ovenproof saucepan for five minutes then in an oven for another five.

CHILD’S PLAY: Pasta can be fab to keep little ones amused.

Cooked spaghetti is perfect for sensory play. Divide into portions and coat in food colouring — just wash off all the dye before letting your child play with it.

Or give older ones dried pasta to create art from by glueing it on to paper and painting it.

FREE PASTA: To celebrate World Pasta Day, Bella Italia is giving away 2,000 pasta dishes when you order a main meal.

Sign up to the chain’s mailing list to get the deal, but offer ends today.

Pasta Evangelists are giving away 5,000 portions of fresh pasta between 3-4pm at 25 locations across the UK including London, Brighton, Cardiff, Glasgow and Newcastle.

Find your nearest at pastaevangelists.com/pages/wpd2024.

• All prices on page correct at time of going to press. Deals and offers subject to availability

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THE UK’s best takeaway restaurants have been revealed in a brand-new list by Uber Eats.

The delivery platform has reached its shortlist for the coveted Restaurant of the Year title, which includes three burger joints and Caribbean “shack”.

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The twelve finalists were whittled down from 130 entries across the UK and Ireland.

Judges included Great British Menu host Andi Oliver, street food connoisseur Kieran Monlouis and last year’s winner Josh Kleiner from Sandwich Sandwich. 

One of this year’s finalists is Soho Tavern, a Gastro pub in Birmingham.

In the cosy interior, punters can enjoy British-Indian classics in front of a sports match.

Dishes include like butter chicken for £11.25 and chilli chips for £5.50.

Another Indian eatery, Urban Tandoor in Bristol, also makes the list with its authentic curries.

Meanwhile, two fried chicken shops, in Liverpool and Nottingham, were selected – with the Nashville Cluck being popular for its buttermilk tenders.

Of the three best burgers, one is sold at Junglees in London – famed for its £10.99 smash burger.

While Locke Burger in Limerick has some of customers’ favourite house fries – and a luxurious bacon cheese burger for £10.45.

And lovers of Caribbean soul food will be pleased to see Natty’s Jerk Shack in Portsmouth in the mix – serving up a “modern twist on Jamaican cuisine”.

Dessert bars are not forgotten in the prestigious list.

Mackles ice-cream shop in Belfast sells opulent £6 sundaes – with favourites including the “Happy Hipp”, “Lotus Lover” and “Strawberry Shortcake”.

The winner of the sought-after title will be crowned in London on November 14.

They will bag a whopping £100,000 prize to invest into their business.

Matthew Price, General Manager for Uber Eats in UK, Ireland and Northern Europe, said: “A massive congratulations to all our regional finalists!

“The calibre of businesses taking part in our Restaurant of the Year Awards continues to grow. 

“I look forward to welcoming all the teams to the Awards in November, and hearing more about their journey as a small restaurant business.”

A man who was twice homeless as a teenager before becoming a multimillionaire entrepreneur has topped a list celebrating influential black Britons.

Dean Forbes, who, after failing to make it as a professional footballer, began his career in a call centre, is now the boss of several software companies.

He worked his way up from “abject poverty” on an estate in south-east London to become chief executive of Forterro, a Swedish software firm.

Forbes said topping the Powerlist 2025 was a “professional and career high”.

He told the BBC that although he grew up in a single-parent family on a housing estate in Lewisham, his disabled mum always encouraged her children to be positive, and gave them hope.

He said he had a “whale of a time” growing up despite having little money, living in a local community which “looked after each other”.

His said his mum taught him and his two brothers to “raise our expectations”, “never to be victims” and not dwell on misfortunes.

He twice became homeless as a teenager, but said he and his family always saw these as temporary challenges to be overcome.

He managed to get a place at Crystal Palace Academy, but it didn’t work out.

He points to that failure as a key moment in his eventual success, because it made him more determined.

“Thanks to that disappointment and rejection, it put me on this path which is beyond my wildest dreams,” he said.

He had been borrowing money to “keep up appearances” with friends like then-footballer Rio Ferdinand who were being “paid well”, but he was eventually left with an £88,000 debt pile.

To start to clear that, he got a job in a Motorola call centre, and he quickly worked his way up.

He moved to a software firm called Primavera which he helped build up, and made his first millions after it was sold to Oracle: he had taken an equity stake.

Forbes moved from there to being chief executive of two software firms, KDS and CoreHR, each time taking equity stakes, and making millions more.

He also has an equity stake in Forterro, which he said was a firm which makes more than €300m (£250m) in revenue per year and earnings of €130m.

Despite his wealth, he said he never wanted “to lose the value of a pound”.

He was able to buy his mum a home, and his children “have never had to deal with anything I had to deal with” in terms of poverty.

He now describes celebrities like Ferdinand and actor Idris Elba as close friends.

But he told the BBC his roots remained very important to him and he wanted to inspire and give opportunities to others who have not started out with advantages in life.

Forbes and his wife Danielle set up the Forbes Family Group, a philanthropic organisation for people in underserved communities.

They are working to try to break the cycle of poverty and disadvantage, and give people positive role models.

“My experience has made me painfully aware that there is so much talent in these communities – you just need to open the door a crack” to give people a chance, he said.

Forbes said that as he was growing up the only black people he could see who were successful seemed to be in entertainment, sport, or “doing unsavoury things” in criminal gangs.

He said he wanted to make success in business more “relatable” in part through mentoring and networking projects.

He has now been named number one on the Powerlist 2025, after being number two last year.

The annual Powerlist was first published in 2007, with its aim to provide role models for young black people, according to Powerful Media.

Forbes takes the place of British Vogue editor-in-chief Edward Enninful at the head of the list.

HOUSEHOLDS across the UK will get an extra hour in bed this weekend when the clocks change.

They will go back one hour at 2am on October 27, the last Sunday of the month, signalling the end of daylight saving time.

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The change means mornings will be brighter but sunset will come an hour earlier as darker nights draw in.

Most people own some kind of smart tech like a phone or laptop which should update automatically early on Sunday morning.

But there are some devices you may need to adjust manually like any analogue clocks or cookers.

To help you get ahead of the clocks changing, here are four things you should do now to ensure you’re not caught out.

Change your clocks

Any analogue clocks will need to be pushed forward an hour.

If you don’t, any alarms you’ve set will go off an hour later which could make you late for work or any social plans.

Some alarm clocks are radio-controlled and automatically adjust their time and date, so check whether yours is or not before Sunday.

James Longley, managing director at Utility Bidder, said: “There are some cases where you will need to change the clocks manually.

“In the kitchen, you’ll have to take a look at your microwave and oven to update the time.

“Each appliance is different, but ordinarily, if your microwave has a clock button you will need to press it down for a few seconds and set a new time once you hear a beep.

“Similarly with ovens, a clock feature with up and down buttons should be standard on newer versions.”

Central heating and hot water

With the nights getting colder, you’ll want to make sure all your central heating systems are operating on the right time.

Smart tech will update automatically, but make sure you adjust anything analogue.

Fail to do this, and any timings you have in place to turn your central heating on and off could be wrong meaning you use heating or hot water when you don’t need it.

James, from Utility Bidder, explained: “Smart meters and thermostats should automatically adjust from British Summer Time to Greenwich Mean Time.

“But this may not be the case for older central heating systems, so be sure to check this so you aren’t wasting unnecessary energy from heating.”

When it comes to setting your heating at the right temperature, James said having it set at a minimum of 18 degrees Celsius should be enough to keep you warm.

“The World Health Organization recommends heating the home at around 18 degrees to maintain good health and a positive sleep routine.

“However, for the young, old or those who are unwell, 20 degrees Celsius is considered to be more appropriate.”

Getting the timing right for central heating systems means you’ll avoid paying to heat your home at the wrong time, which coudl add to bills.

Adjust smart lights and plugs

Anyone with automatic smart lights may need to manually adjust the time they’re set to come on.

If yours are connected to your phone then don’t worry as they should change automatically.

That said, you may still want to adjust the time they actually come on with the mornings turning lighter earlier.

The same rule applies to smart plugs that may be set up to turn lamps or other lights on at certain times of the day.

Having the lights come on when there’s still sunlight would be a waste of energy and money.

Review your finances

The clocks changing can be a great time to go over your finances ahead of the busy and expensive Christmas period.

Look over your bank statements or any credit card bills and work out where you could be saving money.

Use the time to make a budget for the festive period too, otherwise expenses can quickly grow out of control.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

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