UK consumer confidence stuck at six-year low in November – GfK

FILE PHOTO: People shopping on Oxford Street in central London, Britain, December 20, 2018. REUTERS/Henry Nicholls

LONDON (Reuters) – British consumer confidence remained stuck at its joint-lowest level since 2013 in November as uncertainty around the Dec. 12 election and Brexit weighed on households, a survey showed on Friday.

Market research firm GfK said its consumer confidence index held at -14 in November, as expected in a Reuters poll of economists.

The survey looked in line with other indicators that have painted a subdued picture of the British economy, although a seasonally adjusted version of the GfK survey published by the European Commission on Thursday showed a small rise.

“In the face of Brexit and election uncertainty, consumers are clearly in a ‘wait-and-see’ mode,” Joe Staton, client strategy director at GfK, said.

Spending by consumers has helped the economy at a time when many companies have cut investment due to a lack of clarity about Brexit. Earlier this week, a measure of retail sales rose to its highest level since April in November.

Reporting by Andy Bruce; Editing by William Schomberg

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