U.K. Consumer Confidence at Almost Six-Year Low, YouGov Says

(Bloomberg) -- U.K. consumer confidence continued to decline in January due to Brexit uncertainty, sinking to the lowest since May 2013, YouGov said Tuesday.

The polling company’s index of optimism dropped by 0.1 points to 104.3, well below where it was before Britain voted to leave the European Union in 2016. Expectations for job security slumped and predictions of business activity fell to the lowest since records began in 2011.

“The uncertainty surrounding Brexit has only expanded in recent weeks, weighing on the expectations for business activity and job security,” said Nina Skero, Director and Head of Macroeconomics at the Centre for Economics and Business Research. “With no apparent breakthrough in sight and the prospects of further delays and complications looming large, we expect consumer confidence to remain subdued.”

Tighter credit standards have led many indebted Britons to “run out of road,” according to insolvency and restructuring trade body R3. Personal bankruptcies increased 16 percent last year to the highest annual total since 2011.

©2019 Bloomberg L.P.