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UK consumers brace for Brexit hit as concern grows for economy

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A larger proportion of Britons are worried that Brexit will hurt their personal finances than those who voted to leave the European Union last week, illustrating the extent of uncertainty among UK consumers in the wake of the historic vote.

[LONDON] A larger proportion of Britons are worried that Brexit will hurt their personal finances than those who voted to leave the European Union last week, illustrating the extent of uncertainty among UK consumers in the wake of the historic vote.

About 61 per cent of 2,000 people surveyed by Retail Economics over the weekend said they were concerned about the future of the UK economy. That compares with the 52 per cent who voted to quit the EU.

"Concerns over the future of the economy, personal finances and rising costs of living are likely to choke-off consumer confidence and spending," said Richard Lim, chief executive officer of Retail Economics.

The findings pile more gloom on industries such as retailing, pubs and restaurants, where share prices have plunged in the aftermath of the Brexit vote.

Carpetright Plc was the latest casualty of the selloff, its shares plunging 20 per cent Tuesday even as CEO Wilf Walsh said that the floor-coverings seller is well-placed to weather any storm. Attention on Wednesday will turn to electronics retailer Dixons Carphone Plc, which is scheduled to report full-year earnings.

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For more coverage of the EU referendum, visit bt.sg/BrexiT