UK consumer confidence is at its lowest point since 2013 ahead of General Election
Consumer confidence was flat this month as the UK waits for the outcome of the upcoming General Election and for the new government’s Brexit plan to become clear.
The overall index score for consumer confidence this month was minus 14, according to the latest data from GfK. This is the same score as was recorded in October and one point lower than November last year.
It is also the UK’s joint lowest reading since July 2013.
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However, optimism in the general economic situation over the next 12 months ticked up as consumers remained hopeful that the December vote could break the parliamentary deadlock over the UK’s departure from the European Union.
Meanwhile, the view of the economic situation over the previous 12 months declined one point to minus 34, five points down on this time last year.
Consumers’ confidence in their personal financial situation over the previous 12 months dropped one point, while looking to the year ahead confidence was flat.
Joe Staton, client strategy director at GfK, said: “In the face of Brexit and election uncertainty, consumers are clearly in a ‘wait-and-see’ mode.
“The score for the general economy over the coming year has ticked up three points and this is possibly and indication that some consumers believe the imminent general election might clear the Brexit deadlock, even though this sub-measure is still in deeply negative territory at minus 34.
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“The general election is potentially an opportunity to move us out of the doldrums – but for this to happen there must be a clear result. A hung parliament could be very damaging for consumer confidence and would surely deepen the obvious malaise that we see month after month.”
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