British Retail Consortium survey adds another touch of pessimism: almost half of Britons expect economy to worsen in the next three months.

The British Retail Consortium (BRC) released a consumer confidence survey on Thursday, showing a decline in confidence in the UK economy at the beginning of this year. In the latest survey by this business organization, about 48% of respondents expect the economy to deteriorate in the next three months, compared to 42% and 38% in December and the month before. Less than one-sixth of Britons expect the situation to improve. In recent times, other surveys have also shown a similar pessimistic sentiment. Some of the largest retailers in the UK have warned that the future will be very difficult due to slow economic growth and significant tax increases that took effect in April. In early January, the industry's stock prices experienced a sharp decline. BRC Chief Executive Helen Dickinson said, "With retailers' margins being razor thin, and little room to absorb more costs, many are warning of price rises and layoffs in the coming months." Recent surveys have painted a similar pessimistic picture. On Monday, S&P Global stated that its UK consumer confidence index had dropped to a one-year low, and a Deloitte survey of CFOs showed that business optimism had fallen to a two-year low. Nevertheless, UK Chancellor of the Exchequer Rishi Sunak stated in an interview at the Davos World Economic Forum on Wednesday that she will drive economic growth, citing the IMF's upward revision of ratings and a PwC survey showing the UK as the second most attractive investment destination, as evidence that the UK's prospects are still bright. The BRC survey was conducted by polling agency Opinium from January 10th to 14th, with 2000 British consumers participating.