UK consumer confidence plummets to near to all-time low | Daily News Byte

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It’s no secret that the UK is going through a tough time right now – with Brexit negotiations still ongoing and various other economic uncertainties swirling around, consumer confidence has taken a beating. As reported by The Guardian, UK consumer confidence hit its lowest point in over forty years earlier this month, dropping to its lowest level since 1978.

While there’s no guarantee that Brexit will result in any long-term damage to the UK economy, the current climate is certainly not helping things – and it seems likely that this negative trend will continue for some time. If you’re a UK resident or business looking to do business with the UK, it will behove you to keep an eye on trends like this to make informed decisions.

Brexit uncertainty is causing UK consumers to lose confidence.

Brexit uncertainty is causing UK consumers to lose confidence, with the Consumer Confidence Index dropping to its lowest level in over 10 years. The index findings show that consumer spending and investment have decreased since the referendum, with people becoming less confident about their future. The survey also showed that people are pessimistic about the economy over the next 12 months, with fewer expecting their income to grow. This is mainly due to concerns about Brexit and its potential impact on jobs and wages.

The fall in confidence has also harmed businesses, with sales volumes declining and companies investing less in new products or services. This means that the UK economy will likely remain weak for some time as consumers continue to shy away from spending and businesses are reluctant to invest. The uncertainty caused by Brexit could lead to a further drop in consumer confidence if it doesn’t get resolved soon.

Theresa May has made repeated attempts to reassure Britons about the Brexit process, but this hasn’t done much to quench people’s fears. She has said that there will be no hard border between Northern Ireland and Ireland after Brexit, but this hasn’t stopped criticism from all sides of the political spectrum. The lack of clarity around Brexit is causing significant economic damage, and if it isn’t resolved soon, then consumer confidence may continue to decline until it reaches an all-time low.

Confidence in the UK economy has plummeted.

As the Brexit negotiations enter their sixth month, confidence in the UK economy has plummeted to near-all-time lows. The latest survey from YouGov shows that only 37% of people are confident in the UK economy, compared to 54% who are not confident. This is the lowest level of confidence YouGov has recorded since they began conducting surveys in July 2013.

The decline in consumer confidence is likely due to several factors, including Brexit uncertainty and weak wage growth. Meanwhile, business confidence has also dropped to its lowest level since May 2016. This suggests that consumers and businesses are increasingly pessimistic about the future prospects for the UK economy.

Younger people are much more pessimistic about the future than older people. For example, only 26% of over-65s are confident about the UK economy, while 43% of 16-24-year-olds are pessimistic about economic prospects in Britain. This suggests that younger people have been particularly badly hit by Brexit uncertainty.

Overall, this survey indicates widespread pessimism among UK residents about the future prospects for the country’s economy. This could have severe consequences for consumer spending and investment later in 2018 and beyond.

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