Is Brexit knocking consumer confidence?

Despite the end of August bank holiday breaking records for cash withdrawals in the UK, it seems that consumer confidence is still down following the EU referendum result in June.

Research from Markit and Visa shows that month-on-month expenditure fell 1.4% in August, versus as 1.1% rise in spending in July, and a 0.5% drop in June.

According to the data, this continues the overall slower growth trajectory for spending that was first observed in May as consumers started to become increasingly nervous about the June referendum.

While Markit claim that that it’s too soon to assess the long-term impact of the Brexit vote on consumer confidence, it certainly seems that the nation’s shoppers have taken a cautious approach to their summer spending, and may well continue to do so throughout Autumn and the run up to the festive season.