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Forex News

11/24/2017 08:21:19

UK consumer confidence falls to lowest level since Brexit vote

(ShareCast News) - UK consumer confidence has plumbed new depths in November, new research showed on Friday, falling to the lowest level since the Brexit referendum.
A consumer confidence index compiled by the Centre for Economics and Business Research and YouGov slipped to 106.6 in November, dropping sharply from 109.3 the month before.

The survey found the largest monthly decline in optimism since the July 2016, with all eight measures that make up the index falling.

A gauge for household's financial situation in the prior 30 days sank to its lowest since January 2014, and the score for home owners' expectations over the coming year tumbled to the lowest in a year.

The Bank of England's rate hike earlier this month and the softness in the housing market were seen as key factors affecting sentiment by CEBR economist Christian Jaccarini.

He said economic headwinds are "set to persist", and with the Office for Budget Responsibility this week downgrading its economic growth forecasts for the coming few years, "households are understandably worried".

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