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Financial News: UK Consumer Confidence Weakens Notably: YouGov/CEBR

UK Consumer Confidence Weakens Notably: YouGov/CEBR

06/27/2017 - 02:40:00 (RTTNews)

(RTTNews) - UK consumer confidence deteriorated notably in the wake of hung parliament, survey results from YouGov and the Centre for Economics and Business Research showed Tuesday.

The overall consumer sentiment index dropped to 106.9 in June, its second-lowest level since the summer of 2013.

The index declined to 105.2 in the period after the general election, in which Prime Minister Theresa May lost her majority, from 109.1 in the week before it.

Confidence was driven down by weakened household finances and cooling property prices. However, the data suggests that the job security and business activity measures, both for the last 30 days and the next 12 months, are proving relatively resilient.

"Our preliminary assessment is that economic growth will fall sharply over the coming months and the country will only be saved from recession by strong international trade," Douglas McWilliams, Deputy Chairman at the CEBR said.

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