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UK consumer confidence dented further by Brexit uncertainty says GfK

Consumer confidence in the UK fell by one point in October, to -10, according to the long-running GfK Consumer Confidence Index. Three of the five measures used to compile the index decreased over the period while two remained static.

GfK client strategy director Joe Staton says that concerns over the conditions of the UK’s exit from the EU are weighing heavily on the minds of consumers, and on their predictions of their future financial situation.

“We also appear to be losing confidence that now is ‘the right time’ to make major purchases. This will concern retailers in the run-up to Black Friday, Cyber Monday and the key Christmas trading period,” says Staton. “With no immediate prospect of any feelgood news impacting our hearts, minds and wallets, the Index is set for further declines. It looks like the UK Government will need to administer an exceptionally strong tonic to the nation to settle the obvious Brexit anxieties.”