Brexit Britain WILL thrive: Consumer optimism at RECORD LEVEL high after historic vote
CONSUMERS felt buoyant about their personal finances and job security with optimism hitting record levels in the weeks following the Brexit referendum vote, a survey has found.
Consumers are feeling good about their personal finances and job security says research
The research is the latest evidence that the decision to leave the European Union has failed to dent voter confidence despite dire warnings from Remain campaigners.
However, people are feeling gloomier about the national situation.
The findings came from the monthly Lloyds Bank Spending Power Report which works tracks spending habits and consumer confidence.
In July it found that nearly seven in 10 people - 67 per cent - believed their own personal financial situation was excellent, very good or somewhat good - the highest level in the survey’s history.
Spending on essentials such as food, drink, rent and bills rose for the first time since November 2014.
It’s too early to tell if there will be any impacts of leaving the EU
The report follows official findings that retail sales rose 1.4 per cent last month and jobless benefit claims are down.
But, as with other surveys, Britons feel differently about the nation’s finances than their own and pessimism about the UK economy increased sharply in July.
Nearly two thirds, 62 per cent, thought the country’s financial situation was “not good” or “not good at all”, up from 55 per cent in June.
UK more momentum than expected pre-Brexit: Economist
Spending on essentials such as food, drink and rent rose for the first time since November 2014
People also felt less positive about the overall employment situation, with half thinking it not good, up from 46 per cent in June.
However, 77 per cent remain positive about their own job security, down just one per cent since June.
Lloyds managing director Robin Bulloch said: “What’s interesting is that people are more negative about the general economic outlook since the UK voted to leave the EU but feel more positive about their own personal circumstances.
Unclear how long this might last if price of imported goods rises
The findings came from the monthly Lloyds Bank Spending Power Report
It’s too early to tell if there will be any impacts of leaving the EU but for now at least consumers seem intent on putting any fears of a wider economic slowdown to one side and carry on spending.
“How long such confidence lasts remains to be seen.
“Consumers’ spending power could be squeezed if the price of imported goods rises in the wake of a weaker pound following the EU referendum.”