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Friday, July 29, 2016 - 01:21

Britain sees the biggest fall in consumer confidence since 1990 following the country's decision to leave the EU. Hayley Platt reports on growing worries about the country's economic outlook.

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The majority of Britons voted to leave the EU last month. But now consumers are worried. New data from market research company GfK shows consumer confidence since the referendum has suffered its biggest fall in more than 26 years. From -1 last month to -12 in July. (SOUNDBITE) (English) FXPRO, HEAD OF RESEARCH, SIMON SMITH, SAYING: "I guess a drop is not surprising given the Brexit vote we saw in the previous month. Confidence is one thing, consumption is another. So this is just a reading on people's feelings, it's how they actually change their spending patterns as a result of that, that is really going to count." Consumer spending has been a key pillar of economic growth, so this latest gauge of consumer mood is likely to concern the Bank of England. It's expected to cut the UK's already historically low interest rates even further next week by another 0.25 percent to help stimulate the economy. But not everyone's convinced it will work. (SOUNDBITE) (English) FXPRO, HEAD OF RESEARCH, SIMON SMITH, SAYING: "Cutting interest rates at 0.25 basis points is not going to do an awful lot to the economy, credit's already cheap and it's not the price that's been the issue, it's more the availability." And with many economists predicting recession this year, it's no wonder consumers are feeling pessimistic.

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