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UK consumer confidence stuck at six-year low in Nov

Published: November 29, 2019 11:50:44 | Updated: November 30, 2019 16:25:18


File photo (Collected)

British consumer confidence remained stuck at its joint-lowest level since 2013 in November as uncertainty around the Dec. 12 election and Brexit weighed on households, a survey showed on Friday.

Market research firm GfK said its consumer confidence index held at -14 in November, as expected in a Reuters poll of economists.

The survey looked in line with other indicators that have painted a subdued picture of the British economy, although a seasonally adjusted version of the GfK survey published by the European Commission on Thursday showed a small rise, reports Reuters.

 “In the face of Brexit and election uncertainty, consumers are clearly in a ‘wait-and-see’ mode,” Joe Staton, client strategy director at GfK, said.

Spending by consumers has helped the economy at a time when many companies have cut investment due to a lack of clarity about Brexit.

Earlier this week, a measure of retail sales rose to its highest level since April in November.

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