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- Britain’s consumer confidence sank to 106.6 in October from 109.3 in November.
- The household finances score fell to its lowest level since January 2014, but consumers remain positive overall.
- The score was linked to a Bank of England interest rate hike and a housing market slowdown.
LONDON – Brits are increasingly pessimistic about the state of the country and getting less likely to splash their cash, according to new data.
Britain’s consumer confidence sank 106.6 in November, down from 109.3 in October, according to an index produced by polling firm YouGov and the Centre for Economics and Business Research (CEBR), a consultancy.
The poll, seen by Reuters, recorded its the first fall since June, although it remained above the 100 level that signals consumers are feeling confident. However, the slump puts the measure at its lowest level since the Brexit referendum in June 2016.
All eight of the index’s measures registered falls. The household finances score fell to its lowest level since January 2014.
CEBR economist Christian Jaccarini said the drop was linked to the Bank of England’s recent interest rate hike and a slowdown in the housing market.
“With these economic headwinds set to persist, and the OBR forecasting weaker growth, households are understandably worried,” Jaccarini told Reuters.
The results will worry retailers and other businesses that rely on discretionary spending. John Lewis and Next are among those who have warned of deteriorating conditions on the High Street so far this year.
The YouGov/CEBR survey was conducted between November 1 and November 21.