British consumer confidence recovers (slightly) post-BREXIT: Consumer confidence in Britain rose in August, according to a survey by research firm Gfk, though it still recovered its second-lowest level in over two years. The marker rose to -7 in August from -12 in July, when it suffered its sharpest drop in over 26 years on the back of Brexit.
Joe Staton, Head of Market Dynamics at GfK, says:
"We're reporting some recovery in the Index this month as consumers settle into the new wait-and-see reality of a post-Brexit, pre-exit UK. The uptick in confidence is driven by good news from hard data, the combination of historic low interest rates matched with falling prices and high levels of employment. This can be seen in positive growth across all major measures including both our Personal and General Economic situation for the next 12-months. And at +7 points (a jump of nine points from last month), the Major Purchase Index reflects strong retail figures. But more remarkable is the 16-point collapse in the Savings Index (down from +1 last month to -15). We Brits are clearly determined to carry on shopping for today rather than saving for tomorrow."
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