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28.07.2016 14:34

Poll: Brexit continues to have a negative impact on consumer confidence

The shock of the recent results of the referendum led to a sharp deterioration in consumer confidence and a slowdown in activity in the construction sector. These are the results of the last survey conducted by YouGov and the Centre for Economics and Business Research (CEBR).

A month after the referendum, the data indicate a sharp deceleration of economic growth, which is likely to increase the chances of further measures by the Bank of England during the August meeting. Most economists predict that the Central Bank will lower interest rates, and may again start buying bonds.

The results of the survey show that in July consumer confidence index fell by almost 5 points to 106.6 points, recording the largest decline since October 2014, and reached its lowest level in the last three years.

"The public still appreciates the EU referendum result, but it is clear that consumer confidence has deteriorated significantly within a month after voting for Brexit, - said Stephen Harmston, head of YouGov Reports -. Many people are particularly concerned about what will happen to the value of their homes and it can be very serious consequences for the housing sector and for the economy as a whole. "

Economists say consumer spending give hope that the UK will avoid a recession. But retailers said that sales fell sharply after the referendum. In the construction sector activity growth also slowed after the vote, and the companies revised plans for employment.

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