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U.K. Consumer Confidence Is Buckling Under Brexit Pressure

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U.K. consumer confidence dropped this week after the country voted to leave the European Union, according to a survey.

YouGov Plc and the Centre for Economics and Business Research said their daily tracker of sentiment has dropped to the lowest in more than two years. From a level of 111.9 earlier in the month, it has since slumped to 104.3. Also released on Thursday, a separate report from GfK showed that households’ faith in the economic outlook was shaky even before the referendum on June 23.

The vote has created uncertainty about the possible future relationship of the U.K. and the EU, further complicated by Prime Minister David Cameron’s decision to resign and leave his successor to start formal exit negotiations. That’s increased tensions with other European leaders, who excluded Cameron from a meeting in Brussels on Wednesday and want the process to start soon.

Bloomberg

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam

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