A storm of tax increases is coming, and British consumers are accelerating their "food storage".

Jin10 Data, July 25 - According to data from the German market research firm GfK, British consumers remained cautious this month and increased their savings due to the possibility of tax hikes by the UK government later this year. The GfK consumer confidence index for the UK fell from a six-month high of -18 in June to -19 in July, with an expectation of -20. Neil Bellamy, GfK’s Director of Consumer Insights, stated: “These data suggest that some individuals may sense a storm is coming. With increasing speculation about potential tax increases in the autumn budget, price pressures not only lead to higher inflation but could also result in more severe inflation in the future, which is concerning.” The GfK savings index jumped 7 points to +34, the highest level since November 2007 (just before the deepening of the global financial crisis).