British Consumer Confidence Stagnates in November: Political, Brexit Uncertainties Driving Factors

Consumer confidence in the UK remained stuck at a six-year low over uncertainty surrounding the upcoming general elections and then Brexit. The GfK consumer confidence index came in line with economists’ expectations and the previous month’s reading at -14.

According to GfK, consumers appear hesitant to make major purchases and remain in a wait and watch state until a clearer picture on the elections and Brexit emerge. The reluctance among consumers to spend more is aligned with that of businesses who are holding back making significant investments on account of the reigning uncertainties in Britain.

The last time the consumer confidence reading came positive was back in January 2016. In November, British consumers’ indicated that they were slightly less optimistic about their personal finances, savings and about making major purchases in the next 12 months. On a slightly positive note, consumers anticipate an improvement in the general economic situation over the coming year.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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