UK consumer confidence tanks on May’s election debacle- YouGov

An index of consumer confidence produced by polling firm YouGov tanked to a level last seen immediately after last year’s Brexit vote victory. 

UK economy dependent on exports

Douglas McWilliams, deputy chairman at the Centre for Economics and Business Research which produces the index with YouGov said, “Our preliminary assessment is that economic growth will fall sharply over the coming months and the country will only be saved from recession by strong international trade”. 

YouGov said the consumers are already feeling the pinch of weaker real wage growth, but the real cause for alarm will be the cooling of the property market, as this is one of the key things that has propped up consumer confidence over the past few years.