Brits ‘resolutely gloomy’ about UK’s economic outlook

Consumer confidence has fallen this month amid continued concerns over the future of the UK economy.

New data this week (November 30) revealed that Brits remain gloomy about the country’s economic future and, as a result, plan to cut back on spending.

The latest GfK Consumer Confidence Index saw a five-point drop in November, according to ITV News, following a two-point fall the month previous.

Despite strong sales figures for retail in recent weeks, the index highlighted a slump in consumer plans for big purchases, potentially spelling bad news for retailers as they prepare for the peak selling period this Christmas.

Looking ahead, forecasts for the general economic situation next year have decreased by five points, or 16 lower than November 2016.

Joe Staton, market research firm GfK’s head of market dynamics, said: “The slump across the board this month points to continuing uncertainty about the state of the economy among consumers.

“We are viewing our economy over the past 12 months with increasing despondency. The decreasing score on the economy for the next 12 months also shows we are resolutely gloomy about the outlook despite strong GDP numbers.”

He continued: “Despite recent strong retail sales, we are reporting a sharp nine-point drop in the major purchase index this month and this will be an acute concern for retailers as they gear-up for the key Christmas selling period.”