British Households Grew Weaker This Month

Based on the survey released on Friday, UK households became less confident this month relative to the potential economic risks prior the EU referendum in 2019. According to a polling firm YouGov and the consultancy firm Centre for Economics and Business Research, the consumer confidence index is down to 108.4 which shows a decline of 1.4 points in April.

The British economy had a lackluster performance during the first quarter and largely affected by the snowfall and the squeeze in consumer expenditure led by high inflation and low wage growth last year. The confidence index from YouGov continues to be under the 113.6 level since May 2016 before the Brexit.

Moreover, the job security index in the coming month was reduced by  109.5 from 113.5 last month which showed its largest monthly drop from July 2013, amid the lowest level of the unemployment rate since 1970s. However, household finances grew for five consecutive months with its highest expectations since September 2016. While inflation rate of UK declined in the past month but wage growth showed improvement.