Britons cutting back on spending as confidence in economy falls, survey shows

Most feel financial secure but think UK’s economy is worsening, as chancellor plans welfare cuts in spring statement

Consumers are cutting back spending on everyday items amid falling confidence in the UK economy before Rachel Reeves’s spring statement, according to a survey.

As the chancellor prepares to confirm billions of pounds in cuts to welfare and government spending on Wednesday, the research by KPMG showed growing numbers of people in Britain believed the economy was heading in the wrong direction.

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