Consumer confidence is now lower than it was after the 2008 credit crisis or the days of Covid lockdown. Lower than it was during the period of high unemployment in the late 70’s and early 80s. Objectively living standards are better now than they were in the past, employment levels and prospects are better too, yet people are gloomier. Have we all become snowflakes?

The UK consumer confidence index as measured by research company GfK fell 2 percentage points to minus 40 in May, its lowest level since records began in 1974, according to GfK. On the other hand UK retail sales volumes unexpectedly rose by 1.4% month-on-month in April. So fears of inflation are not dampening spending….