Consumer confidence holds steady despite Brexit chaos
By Sean Farrell
Date: Friday 29 Mar 2019
(Sharecast News) - UK consumer confidence did not worsen in March despite mounting uncertainty as the original Brexit deadline loomed, a survey showed.
The monthly GfK consumer confidence index was steady at -13 in March - unchanged from February and slightly better than the -14 score expected by economists in a Reuters poll.
High employment and rising real wages meant people felt better about their personal finances over the next 12 months than a month earlier and were slightly more optimistic about the general economy. But at -36 consumers\' view of the economy over the next year was 14 points lower than a year ago and maintained the index\'s overall gloomy tone.
Joe Staton, client strategy director at GfK, said: \"Consumer confidence has held steady this month despite political chaos and ensuing uncertainty as we try to find our rightful place within Europe. While UK consumers report a small increase in optimism for their personal financial situation for the coming year, the index is being dragged down by our nagging fears for the general economy.\"
GfK compiles the survey for the EU, which makes seasonal adjustments to the data. This version, published a day earlier, suggested UK consumer confidence had fallen. Since the 2016 referendum consumer spending has helped keep the UK economy growing as business investment has dropped.
The UK was due to leave the EU on 29 March but with chaos in parliament the government has secured a short delay but nothing has been resolved.
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