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Brexit 'black cloud' hits consumer confidence

Consumer confidence fell again in October as “the big black Brexit cloud refuses to shift”. 

The GfK Consumer Confidence Index score for September was -14, down 2 from -12 in August. In September 2018, the score was -10.

Joe Staton, client strategy director at GfK, blamed ”Brexit’s continuing uncertainty and the spectre of a general election”.

He continued: “The ongoing machinations in Westminster appear to be impacting how we view our personal financial situation for the coming year with a notable fall of -3 in this measure in October. 

”This deterioration in sentiment regarding our personal financial affairs is worrying as strong consumer spending has been the main driver of economic growth since the referendum in 2016, against a backdrop of low inflation, low interest rates, low wage growth and high employment.”

”Nobody wants to see consumer spending reduce and let’s hope it doesn’t happen. But Brexit’s continuing uncertainty and the spectre of a general election is not helpful.

”People can only feel confident if they believe the external environment is stable, yet consumers are witnessing too many Brexit shifts and surprises, too many Brexit timelines and counter-proposals to justify any longer-term confidence.

“The big black Brexit cloud is refusing to shift.”

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