UK consumer confidence rises despite Brexit uncertainty

Brexit GFK
// Consumer confidence rises despite Brexit uncertainty
// Brits taking stoic approach
// GfK finds UK’s general economic situation during the last year increased 2 points to -33

Consumer confidence in the UK has risen this month despite the Brexit uncertainty as Brits continue to take a stoic approach.

Research institute GFK said its long-running Consumer Confidence Index increased by one point month-on-month in February to -13.

On a year-on-year basis, it was up three points.

Sentiment around the UK’s general economic situation during the last year increased two points to -33, although this was four points less than at the same point last year.

Meanwhile, the country’s expectations for the general economic situation over the coming year increased by one point to -38, 12 points lower than in February 2018.

The personal finance index for the last year remained unchanged at zero, the same as in February 2018.

The major purchase index went up three points to 5, five points more than February 2018.

The savings index also increased four points to 18, six points higher than last year.

“Despite a slowdown in overall growth and concerns about the impact of Brexit uncertainty on the UK economy, topline consumer confidence is stable again this month,” GFK client strategy director Joe Staton said.

“Although bumping along in negative territory, the overall index score is not showing any sign of making the dramatic drop seen after the June 2016 Brexit referendum or in the early days of the last financial downturn.”

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