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Consumer confidence picks up after Brexit vote falls

Consumer confidence rallied in August after recent falls on the back of the UK's vote to leave the EU.

The GfK Consumer Confidence Index rose by five points last month to reach minus seven. All seven sub-indices used to calculate the main score saw rises.

The index looking at consumers' personal financial situation over the last 12 months increased by one point, leaving it three lower than August 2015, while the index looking at the forecast for the next 12 months increased by four points.

Looking at the general economic situation over the past year, confidence increased by two points to minus 23 - although this was still 26 points lower than August 2015.

Expectations for the economy over the next 12 months increased by 11 points to minus 22 - 25 points lower year-on-year.

The index looking at whether now is a good time to make a major purchase increased by nine points to seven. This is 10 points lower than last August.

The savings index, however, was 16 points lower at minus 15. This is 17 points lower than August 2015.

Joe Staton, head of market dynamics at GfK, said: "We're reporting some recovery in the index this month as consumers settle into the new wait-and-see reality of a post-Brexit, pre-exit UK.

"The uptick in confidence is driven by good news from hard data, the combination of historic low interest rates matched with falling prices and high levels of employment. This can be seen in positive growth across all major measures including both our Personal and General Economic situation for the next 12-months and at seven points, the Major Purchase Index reflects strong retail figures.

"But more remarkable is the 16-point collapse in the Savings Index. We Brits are clearly determined to carry on shopping for today rather than saving for tomorrow."

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