YouGov/Cebr: The UK consumer confidence slumps to post-Brexit vote low

The results of a consumer confidence index conducted by the polling firm YouGov and the Centre for Economics and Business Research (Cebr), a consultancy, showed on Friday, the confidence levels in the British households have been the weakest since immediately after last year’s Brexit vote.

The survey was conducted between Nov. 1 and Nov. 21 and was based on responses from 5,673 people.

Key Findings (via Reuters):

A consumer confidence index sank to 106.6 in November, down sharply from 109.3 in October.

It was the first fall since June although it remained above the 100 level above which consumers are considered to be feeling confident.

All eight of the index’s underlying measures weakened and a score for household finances over the past 30 days sank to its lowest level since January 2014.

Christian Jaccarini, an economist at Cebr, noted: “With these economic headwinds set to persist, and the OBR forecasting weaker growth, households are understandably worried,” Jaccarini said, referring to a sharp cut to Britain’s economic growth outlook by the Office for Budget Responsibility, the government’s fiscal watchdog, on Wednesday.