Belfast Telegraph

Consumer confidence drops to same level as post-Brexit low of July last year

Consumer confidence has fallen to the level last seen in the immediate aftermath of the Brexit vote.

The long-running GfK Consumer Confidence Index fell a further two points in July after a five-point dip in June to hit its post-Brexit low of July last year.

The survey also found expectations for the UK's general economy over next 12 months have dropped five points.

The measure of changes to personal finances over the last year fell one point to minus two - one point lower than this time last year - although the forecast for the next year increased by two points.

The major purchase index, an indication of consumer confidence in buying big ticket items, decreased two points to minus one, one point higher than July 2016.

Joe Staton, head of market dynamics at GfK, said: "The economic picture across the UK remains confusing and this mood is reflected in the overall index score, which is down by five points.

"It's the sharp drop in confidence about the UK's general economy - both looking back one year and ahead one year - that is driving the fall.

"While there's a small bounce in consumer views of personal finance looking ahead, that's the only measure that's up.

"All bets must now be on a further drift downwards in confidence."