Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of research by GfK published on 26 January that UK consumer confidence in January rose to its highest level in two years; and what steps they are taking to sustain and build upon those findings.

In January 2024, consumer confidence, as measured by GfK, reached its highest level since January 2022. January 2024 was the third consecutive month of improving consumer confidence across all five contributory sub-indices.

Consumer confidence is intrinsically linked to household finances and the broader economic outlook. To sustain consumer confidence, consumers need to feel assured that their government is taking the long-term decisions necessary to strengthen the economy and build a brighter future.

In January 2023, the Prime Minister set out three economic priorities: to halve inflation, grow the economy and reduce debt. The government is delivering on these objectives, with inflation more than halving to 4.0%, the economy proving resilient and on a path to long-term growth, and the latest OBR forecast showing debt falling as a share of GDP over the medium-term.