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Upturn in consumer confidence predicted as Brexit fears fade

Analysts are predicting an improvement in consumer confidence this month, as concerns about the impact of the Brexit vote begin to fade.

The GfK consumer confidence index is expected to rise to -5 in September, up from -7 in August, according to analysts at IHS Global Insight.

In July, the index fell to -12. This compared to -1 in the months leading up to the EU referendum on 23 June.

Howard Archer, chief UK economist at IHS Global Insight, said: “We expect consumer confidence to have improved slightly further in September due to concerns over the economy’s recent performance being diluted by evidence that it has so far proved resilient following the Brexit vote, significantly helped by consumers keeping on spending.

“Certainly, in August, consumers views of the economic outlook and the economy’s recent performance rebounded appreciably.

“However, we suspect consumers will still be pretty wary of the outlook for the economy over the coming 12 months, with uncertainties likely to be magnified by the triggering of Article 50 in the early months of 2017.”

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