UK Consumer Confidence Falls To Four-Year Low

21st December 2017.

Consumer confidence fell to a four-year low in December as Brexit uncertainty, higher inflation and the interest rate hike by the Bank of England weighed on personal finances.

A new survey from marketing research institute, GfK, has suggested that the confidence level is set to drop even further next year.

The consumer confidence index dropped to its lowest level since December 2013, despite forecasts predicting brighter results.

General satisfaction with the current economic situation over the last 12 months saw a rise, while expectations for the future economic situation remained bleak.

The major purchase index dropped one point to -4 in December.

“We need to see several issues move on before the downward trend of the consumer mood changes,” Joe Staton, Head of Market Dynamics at GfK, said.

“We need to have a better sense of how Brexit will pan out, and also of how quickly and how far interest rates will rise. But none of this will be resolved quickly so there’s every likelihood that 2018 will take us lower,” Staton added.

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