Rising inflation is taking its toll on British households, knocking consumer confidence to its lowest level since the aftermath of last summer’s Brexit vote. But the consumer confidence measure is well below the levels seen before June’s vote to leave the EU. The downbeat tone of the poll chimes with signs the economy has lost momentum in recent months as the post-referendum resilience in consumer spending wanes. Wage growth has fallen behind inflation, leaving people worse off in real terms and denting consumer spending, a key driver of the UK economy. “Consumer confidence has been on the cusp of a decline for a while and it has now tipped over and fallen,” said Skero, head of macroeconomics at the consultancy.

Source: The Guardian April 28, 2017 06:00 UTC