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Brexit vote triggers "dramatic" drop in consumer confidence

Consumer confidence suffered the sharpest drop in more than 26 years following the UK's vote to leave the EU, according to new research.

GfK's Consumer Confidence Index fell by 11 points in July, the biggest month-on-month fall since March 1990.

All five measures used to calculate the index saw decreases.

The biggest drop in confidence was for the outlook for the economy over the next 12 months. The index fell 19 points to minus 33, 32 points down on July 2015.

There was also a 12-point drop in the subindex measuring confidence about the performance of the economy over the last 12 months.

Consumers' confidence about their personal financial situation dropped by seven points in July to minus one. This is five point lower year-on-year.

The forecast for personal finances over the next 12 months fell by nine points to minus one, seven points down on July 2015.

The subindex measuring people's confidence about making major purchases dived 11 points to minus two, while the measure of whether now is a good time to save was down four points.

Joe Staton, head of market dynamics at GfK, said: "Consumers in post-Brexit Britain are reporting higher levels of concern this month. We've seen a very significant drop in confidence, as is clear from the fall in each of our key measures.

"Although the rate of decline is slower than reported in the aftermath of the vote to leave the EU, consumers in the UK were also less optimistic about the state of their personal financial situation going forward.

"However, the index continues to remain at a relatively elevated level by historic standards. Its future trajectory depends on whether we enter a new period of damaging economic uncertainty or restore confidence by embracing a positive stance on negotiating a new deal for the UK."

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