World Economy

CCI in UK Slumps

CCI in UK SlumpsCCI in UK Slumps

Consumer confidence, a long running barometer of measuring consumer confidence in the UK published by market research firm Gfk showed that consumer confidence fell by eight points in July. It was the largest monthly drop since 1994, ECNForex reported. The Gfk’s consumer confidence survey which questioned 2002 people between the periods of June 30-July 5 fell to -9, from -1 in June, the deepest fall in nearly two decades. The Gfk’s consumer confidence survey is a preliminary gauge of household sentiment and was first published after the June 23 referendum vote. The survey results showed that consumers were badly shaken by the surprise result and the subsequent uncertainty that followed. Consumers said that they expect to rein in on spending over the coming weeks and months, expecting the UK’s economy to slow down. The Bank of England, in anticipation of this earlier this week decided to lower its regulatory restraints on banks. The BoE cut its counter cyclical capital buffer requirements to zero from 0.50% previously.