Consumer confidence in the UK has dropped “dramatically” following the UK’s decision to leave the European Union.
The monthly Gfk index said confidence fell by 11 points in the month following Brexit, the sharpest monthly fall since 1990.
The confidence level now stands at -12, compared to -1 in June.
Joe Staton, the head of market dynamics at GfK, said:
“Consumers in post-Brexit Britain are reporting higher levels of concern this month. We’ve seen a very significant drop in confidence, as is clear from the fall in each of our key measures.
He added: “However, the Index continues to remain at a relatively elevated level by historic standards. Its future trajectory depends on whether we enter a new period of damaging economic uncertainty or restore confidence by embracing a positive stance on negotiating a new deal for the UK.”