Growth from Knowledge (GfK) stated its key index dropped by 2 points to minus 14. All five steps of confidence dropped, with families’ perspective of their finances during the next year slipping three factors.
The survey of 2,001 people was completed at the first two weeks of October, a period which saw increased uncertainty as Prime Minister Boris Johnson tried to agree that a death arrangement with the European Union and the Bank of England warned of”material risks” of financial disruption in case of a no-deal Brexit. Ever since that time, the U.K. was given an extension, and the country is led to a December general election.
“This deterioration in opinion regarding our private financial affairs is stressing as powerful consumer spending has become the most important driver of economic expansion,” explained Joe Staton, customer strategy manager at GfK. “Nobody would like to see customer spending decrease and let us hope it does not occur. However, Brexit’s continuing doubt along with also the specter of a general election isn’t beneficial.”