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UK Consumer Confidence Takes a Brexit Battering

brexit.lockelord.com
July 29, 2016

The UK sees the biggest fall in consumer confidence for 26 years after Brexit vote. Confidence among manufactures, business and especially households has plummeted according to the findings of the market research firm GfK’s Consumer Confidence Barometer.

The core index of confidence across the board has fallen by its biggest margin since March 1990. This could be a clear indicator of economy’s prospects in the near future with the country perilously close to a recession, so much so that all forecasters are pointing to a reduction in the interest rate to a record low of 0.25% next week to stem the tide.

2016 Q2 Insolvency Statistics released by R3 show a marked increase in personal insolvencies but a fall in corporate insolvencies. Time will tell whether the uncertainty about the outcome of the EU referendum will drive personal insolvencies for the remainder of the year.

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