UK consumers recover some confidence after Brexit vote hit: survey

August 25, 2016 7:17 PM EDT

Shoppers cross the road in Oxford Street, in London, Britain August 14, 2016. REUTERS/Peter Nicholls/File Photo


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LONDON (Reuters) - British consumers have regained some of the confidence they lost after the Brexit vote in June, according to a survey published on Friday, the latest sign that households are largely taking the decision to leave the European Union in their stride.

The YouGov/CEBR Consumer Confidence Index rose by 3.2 points in August, its biggest month-to-month jump since February 2013.

The index, which stands at 109.8, has now recovered around half of the ground it lost following the EU referendum.

"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," Scott Corfe, Centre for Economics and Business Research director, said.

"However, this could easily change next year as the weakness of sterling pushes up the cost of imports. 2017 could be the year that consumers stumble."

Britain's consumers have been the drivers of the economy over the past three years and recent retail sales data has shown they continued to shop in the weeks after the Brexit vote. But there are signs that their optimism has not been shared by companies which face years of uncertainty over Britain's relationship with the EU.

(Writing by William Schomberg; Editing by Angus MacSwan)



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