UK consumer confidence drops to lowest level since Brexit vote - BBG

Bloomberg offers fresh insights on the latest UK GfK consumer confidence data release, which fell to -10 in June from -5 in May.

The main reasons behind the deterioration in the sentiment index are the squeeze from inflation and snap election debacle, Bloomberg cites.

Key Points:

Its survey of 2,000 Britons, carried out before and after the June 8 election, found their attitude toward the economy and their personal finances deteriorated.

A gauge of their inclination to make major purchases also plunged to the weakest since the European Union referendum a year ago.

The findings point to continuing pressure on consumer spending, the engine of the British economy. 

June’s decline left the index of overall confidence just shy of last year’s post-
referendum low, reflecting consumers “negative sentiment” about their personal financial situation and expectations for the wider economy.

The survey was carried out between June 1 and June 15.