Dramatic improvement in consumer confidence

Brexit jitters seem to be easing
Brexit jitters seem to be easing

Consumer confidence has risen at its fastest monthly rate in three-and-a-half years as Brexit jitters ease, a survey has found.

In a dramatic turnaround from last month, the YouGov/Cebr Consumer Confidence Index has seen its highest monthly bounce since February 2013 of 3.2 points to 109.8.

The poll reveals significant increases in people’s expectations for their household financial situations and property values over the coming year.

Only one measure – job security in the year ahead – has fallen slightly in the last month.

All four measures looking back over the past 30 days have improved – household financial situation, property value, job security and business activity in the workplace.

August’s rise follows July’s sharp fall to the index’s lowest point in three years following the vote to leave the EU.

But despite the strong improvement it has only recovered around half of the ground it lost in the wake of the referendum.

Cebr director Scott Corfe said: “This month’s improvement in consumer confidence follows positive news from other areas of the economy and slightly punctures the arguments of those who predicted immediate economic Armageddon following a Brexit vote.

“With consumer confidence rising and year-on-year retail sales up it is evident that the public have yet to feel many – if any – effects from the vote to leave the EU.”