Consumer confidence holds steady despite Brexit chaos

Consumer confidence has held steady amid intensifying Brexit chaos, figures suggest.

The long-running GfK Consumer Confidence Index remained at minus 13 in March as expectations for the general economic situation over the next year increased two points but languished at minus 36 – 14 points lower than a year ago.

Confidence in personal finances over the coming 12 months increased one point to positive two but remains eight points lower than last March.

The major purchase index, a measure of confidence in spending on big-ticket items, fell four points to positive one – one point lower than 12 months ago.

Joe Staton, client strategy director at GfK, said: “Against a backdrop of stable inflation and a robust labour market, where wages continue to grow more quickly than prices, confidence has remained negative but fairly stable since the referendum.

“However, while UK consumers report a small increase in optimism for their personal financial situation for the coming year, the index is being dragged down by our nagging fears for the general economy.”