Money, in brief

GfK's UK consumer confidence index fell 11 points to -24 in October. [1][2] It undid a slow recovery over the months before. [3]

Outside the Covid pandemic, the index last fell this much in one month in July 2016, just after the Brexit vote. [1] Counting Covid, it is the biggest fall since April 2020. [2]

The index comes from a monthly survey tracked since the early 1970s. [1][9] It takes the share of hopeful answers about money and the economy, and subtracts the share of gloomy ones. [9]

The measure of whether now is a good time to buy big items fell 14 points to -22. [1] The Guardian reads this as people bracing to cut spending this winter to pay higher energy bills. [1]

Neil Bellamy of GfK blamed 'relentless' cost-of-living pressure. [1] UK prices rose 3.5% in the year to September, the fastest for almost a year. [6]

The war in the Middle East has pushed UK petrol and diesel prices close to record highs. [1][7] Warnings say a typical home's energy bill could reach 2,000 pounds a year from January. [1]

The TUC, which speaks for UK trade unions, says the average household paid almost 14,000 pounds more over five years for mortgages, loans, energy and water. [1]

Almost two in three low-income families say they struggle to afford food, heating and clothes, the Joseph Rowntree Foundation says. [6] Almost half have skipped meals or cut portions. [6]

Errol McGuiness, 79, sits in the dark in the evenings and wears extra layers instead of turning up the heating. [6] The manager of a food bank in Stoke-on-Trent says stories like his are becoming more common. [6]

Chancellor John Healey, the UK's finance minister, gives his first Budget on Wednesday 28 October. [1][8] He has promised 'breathing space' for households, but says he has little money to spare. [1]

Figures on Wednesday put the UK government's deficit, the gap it must borrow to fill, at 24.5 billion pounds, worse than forecast. [1] The national debt passed 3 trillion pounds for the first time. [7]

The Institute for Fiscal Studies, a research group, says Healey may need to find 35 billion pounds to avoid cuts to services while raising defence spending. [8]

Why it matters. The next scheduled test is John Healey's Budget on Wednesday 28 October, and whether his 'breathing space' for households comes with a figure for help with energy bills before January. [1][8]

President Donald Trump signed an executive order on Thursday aimed at the cost of home loans. [11][12] It tells the FHFA, which oversees the big US home loan buyers Fannie Mae and Freddie Mac, to test cancelling mortgage insurance without the borrower asking. [11] That insurance protects the lender and is usually not needed once an owner holds 20% of the home's value. [11] It also lets more refinancing borrowers skip title insurance, which covers disputes over who owns a home. [12] And it asks two departments to cut rates on their own home loans. [12]

Why it matters. It reaches borrowers whose homes have risen in value and who are still paying for cover they no longer need. [11] Analysts at KBW, an investment bank, expect little effect on title insurers while it covers only refinancing, about 7% of their premiums. [12] Before the signing, people familiar with the talks told Semafor that housing groups warned parts of it could push prices up. [13]

Americans aged 60 and over reported losing about 3 billion dollars to fraud in 2025, up 25% from 2.4 billion dollars in 2024. [14] The figure comes from the yearly report to the US Congress by the Federal Trade Commission (FTC), the US consumer protection agency, released on Monday. [14] Only 6% of older victims lost 100,000 dollars or more, but they made up 70% of the losses. [14] Investment scams cost the most, over 1 billion dollars, up 42%. [14] The FTC thinks the real total, counting scams nobody reported, was between 13.3 billion and 119.5 billion dollars. [14]

Why it matters. Victims of some scams cannot deduct the loss from their taxes, and may owe tax on retirement money the scammer took. [14] A bill to change that passed the US House of Representatives 408 to 17 in September and is waiting in a US Senate committee. [14]

Three countries that use the euro saw very different price rises in September: 2.7% in Finland, 3.3% in Germany and 6.1% in Lithuania, Eurostat figures show. [15] The euro area average was 3.8%, and energy prices across it rose 18.9%. [15] In Germany, motor fuel cost 37.1% more than a year earlier and heating oil 74.9% more. [15] Lithuania raised its sales tax on home heating, hot water and firewood from 9% to 21% in January. [15] All three live with the same interest rate, 2.50%, set by the European Central Bank. [15]

Why it matters. Lithuania's pensioners, people on benefits and low-income households with big energy bills are the most exposed, the Euronews analysis says. [15] Germany cut its own fuel tax on 1 October, so that relief shows up only from October's figures. [15]

House prices fell in every Australian capital city in the three months to September, the first time in 15 years, says Domain, a property website. [16] Sydney's median house price fell 4.7% to 1.66 million Australian dollars. [16] Perth's also fell a record 4.7%, and Melbourne's fell 3.3% to 1.014 million. [16] Domain's chief economist, Nicola Powell, blamed higher interest rates, cost-of-living pressure and changes to tax on housing investment. [16]

Why it matters. Homes are taking longer to sell, and many cities have more homes for sale than in years, which favours buyers with secure finances. [16] Powell expects buyers' confidence to return only when an interest rate cut is in sight, which she places late next year. [16]

The average rate on a 30-year fixed US home loan fell to 7.32% in the week to 22 October, from 7.40% the week before, Freddie Mac, a big US home loan buyer, said. [19] It was the first fall after seven weekly rises that took rates to three-year highs. [19] A year ago the average was 6.19%. [19] Zillow's figures, collected by NerdWallet, put the rate at 7.26%, a little lower. [20] Rates fell as investors moved money into US government bonds while share prices cooled. [19]

Why it matters. Rates climbing from 6.66% in late August to 7.4% on 8 October cut what buyers could afford by 7.2%, Realtor.com worked out. [19] Contract signings were 9.8% lower than a year ago, and a Realtor.com economist said the damage to this autumn's market is already done. [19]

The US Treasury, the US government's finance department, published proposed rules on Thursday for a ban on big investors buying houses. [17][18] From 7 January 2027, investors owning 350 or more single-family homes may not buy more. [17] Newly built homes for rent are exempt if bought within 18 months of being finished. [18] Investors who repair run-down homes must spend at least 15% of the price on fixing them. [17] Breaking the ban could mean a fine of up to 1 million dollars, or three times what was paid for the home. [17]

Why it matters. A Realtor.com economist says the rule steers big landlords towards adding homes and away from bidding against families for existing ones. [17] Large investors already bought 31.8% fewer homes this year, so she expects the effect mainly where they are concentrated. [17]

In 75% of US counties, home and car insurance together now cost more than the yearly property tax, the local tax on a home's value, a Bloomberg Intelligence study found. [21] Home insurance alone is about 14% dearer than property tax in those counties. [21] Premiums have risen nearly 37% in ten years, and 79% in Nebraska. [21] The average home insurance bill reached 2,808 dollars a year in October, Insurify, a comparison site, says. [21]

Why it matters. The study points to climate-related risks, rising home values and dearer repairs. [21] In parts of the US Southeast, insurance can cost four times the property tax bill. [21]

Almost half (49%) of outstanding US home loans had a fixed rate under 4% in the second quarter of 2026, Realtor.com found from federal data. [22] Another 29% sat between 4% and 6%. [22] A record 43% of loans are five to seven years old, taken out when rates were at historic lows. [22] Moving would mean swapping one of those for a new loan at about 7.4%. [22]

Why it matters. Owners who would like to downsize or move nearer family are staying put, and fewer homes come up for sale. [22] Realtor.com expects 27% to 29% of loans to be at 6% or more by mid-2027, up from 23% now. [22]

There are 135 million US households, 4.3 million fewer than if people still lived as they did in 2010, a John Burns Research and Consulting report says. [23] Many young adults live with parents or housemates: a record 25.2 million under 35 lived with their parents in 2025. [23] People aged 15 to 24 are missing 9% of the households they would have formed. [23] The median first-time buyer was 40 years old in 2025, up from 33 in 2020. [23]

Why it matters. High loan rates, student debt and low starting pay keep young people from renting or buying their own place. [23] The authors want more small, cheaper homes built so those households can form. [23]

One US homeowner in four lives in a home built before 1960, Harvard's Joint Center for Housing Studies found. [24] The median US home is 44 years old, the oldest ever recorded. [24] A 2025 lenders' survey found 46% of home-equity borrowers wanted the money for repairs or improvements in 2024, down from 65% in 2022. [24] The share using it to pay off other debts rose from 25% to 39%. [24]

Why it matters. Home insurance rose 12% in 2025 to an average of 2,948 dollars, Insurify says, and card debts cost over 21% a year. [24] Repairs left waiting tend to grow, and they cut the price an owner gets when selling. [24]

In 2025, 74% of US mothers with children under 18 were working or looking for work, against 94% of fathers, a Pew Research Center report published on Thursday shows. [26] Pew is a US research group that runs large surveys. [26] US women's median hourly pay was 86% of men's in 2025, up from 65% in 1982. [26] Pew says the gap widens once caring for children or parents begins, because women more often take on that care. [26]

Why it matters. Women now finish college more often than men, yet their share of the workforce has barely moved since about 1990. [26] Many Americans in their 40s now care for an ageing parent and their own children at once. [26]

New York City's council passed COPA on Thursday, a law giving nonprofit housing groups the first chance to buy troubled apartment buildings. [25] It covers buildings of four or more flats with serious disrepair, foreclosure or hazards: about 2,100 today, the city's housing department estimates. [25] Owners must tell the city and approved nonprofits before selling. [25] The groups then get 20 days to show interest and 70 days to make an offer. [25]

Why it matters. Mayor Zohran Mamdani backs it to keep tenants from being priced out. [25] A small landlords' group says the delay will put off buyers ready to fix buildings quickly. [25]

Which?, a UK consumer group, found 40 products it considers unsafe for sale on sites including Amazon, eBay, TikTok Shop and The Range, in a few hours of searching. [27] They included baby sleeping bags that risk suffocation, heaters that could catch fire and fake 'energy-saving' plugs. [27] Since 2019, marketplaces have told Which? at least 90 times that safety is a 'top priority'. [27] The UK government consulted on new product safety rules and has not yet published them. [27]

Why it matters. Which? wants online marketplaces to carry the same legal duty for what they sell as high street shops, with heavy fines when they fail. [27] Several marketplaces said they removed the listings once told. [27]

More than 60% of Americans in a July survey for Goldman Sachs Asset Management had earned money outside their main job, mostly because they needed to. [30] Generation Z, roughly today's teenagers and 20-somethings, was the most likely group to do so. [30] 83% of Gen Z and 78% of millennials said they had put a major money goal on hold. [30] 41% of millennials had delayed building emergency savings, though they have jobs. [30]

Why it matters. The report says a full-time job may no longer carry the full weight of financial security. [30] And 30% of millennials said they had delayed buying a home. [30]

82% of Britons over 65 took a holiday in the past year, up five points in two years, Abta, the UK's biggest travel trade body, found. [31] Its boss told The Times many are spending money that might have gone to their children. [31] Almost half of over-65s said the cost of living would have no effect on their holiday plans. [31] One British parent in seven plans to enjoy their money rather than leave an inheritance, Standard Life, a pension company, found. [31]

Why it matters. Younger people expecting a large inheritance may get less than they think. [31] In the US, a 2024 Northwestern Mutual survey found only 22% of baby boomers expect to leave one. [31]

American Express will stop letting its 600-dollar hotel credit on Platinum cards pay for one-night stays at its Fine Hotels and Resorts from 1 January 2027. [28] Cardholders will need to book at least two nights. [28] The cards cost 895 dollars a year. [28] From 22 October, AmEx also added more than 1 million Airbnb listings to its travel site, with extra points on prepaid bookings. [28]

Why it matters. A one-night stay was the easiest way to use each 300-dollar half of the credit, so holders may have to pay more to get its value. [28] NerdWallet found some bookings through AmEx cost more than booking directly. [28]

TreasuryDirect, the only US government website for buying and cashing savings bonds, now requires users to log in through ID.me, an identity-checking service. [29] New users must give their Social Security number and a photo of an official ID. [29] Paper requests are slow: a claim for lost or stolen bonds takes 11 months or more. [29] The US Treasury closed its online tool for finding forgotten bonds last year. [29]

Why it matters. Savers holding old paper bonds face long waits to cash them, and a promised link to state lost-property lists is not ready. [29]

Homes in the priciest parts of London sold for 7.1% less in September than a year earlier, LonRes, a firm that tracks prime London property, found. [32] On average, sellers accepted 10.1% less than the price they had asked. [32] Sales were the fewest in any September since 2016, and 16.8% below September 2025. [32] From July to September, homes that took six to twelve months to sell went for 11.1% below asking, against 3.8% for those sold within three months. [32]

Why it matters. LonRes's head of research blamed borrowing costs and weak hopes of rising prices, and expects no help for these buyers in the 28 October Budget. [32] He said the market would welcome reports that a tax on homes worth over 2 million pounds will not be widened to homes worth 1.5 million. [32]

The UK government on Thursday asked every household to keep enough food and water for 72 hours, in a Cabinet Office campaign called Be Ready. [33] The guidance says to store three litres of drinking water per person per day. [33] It also says to keep cash, blankets, a first aid kit, a torch and a wind-up radio at home. [33] Ministers want homes ready for storms, cyber attacks or sabotage. [33] France, Ireland and the Netherlands already give similar advice. [33]

Why it matters. Defence Secretary Wes Streeting said attacks could knock out the payment systems that businesses use. [33] Tens of thousands of homes in the Midlands, south-west England and Wales lost power after Storm Goretti in January. [33]