SHANGHAI, December 4, 2017 (Newswire.com) - Shanghai, China-based Ashton Whiteley economists say that British consumers are at their least confident since shortly after 2016’s EU referendum. In addition, business confidence has suffered adding to expectations that the UK will experience an economic slowdown next year.
According to a report by Ashton Whiteley, UK property price growth — which has also eased since the country voted to leave the European Union last year — was less than anticipated this month.
The GfK consumer confidence index fell by 2 points to -12 this month, its lowest since July of last year. It also came in below the prediction of -11.
An Ashton Whiteley economist suggested that consumers appear to be lacking festive cheer. Concerns among households after the recent interest rate increase, tighter domestic budgets, elevated inflation and overall economic uncertainty have severely affected consumer sentiment throughout the UK.
The UK’s economy, Europe’s second-largest, has suffered in 2017 as higher inflation has caused increased expenses for businesses and households.
At the beginning of November, the Bank of England hiked interest rates for the first time in over 10 years in an effort to confront inflation that is at its highest in 5 years. Last week, government economists reduced their growth predictions for the coming months.
Ashton Whiteley economists say that readiness to spend money on big-ticket items dropped to its lowest level in three years. This lack of willingness to spend indicates difficult times for retailers in the lead up to the festive season.
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Source: Ashton Whiteley