Consumer confidence rose in August as consumers remained calm despite frenzied speculation about the likelihood of a hard Brexit.

Confidence improved by three points to stand at -7, GfK’s UK Consumer Confidence Barometer showed.

The research, carried out by GfK on behalf of the European Commission, found that four confidence measures rose and one stayed the same.

Consumer confidence improved in August

Consumer confidence in the general economic situation increased slightly

Sentiment about personal finances increased three points to +4. The forecast for the next 12 months remained positive, increasing by one point to +8.

Consumer confidence in the general economic situation in the last 12 months also increased by two points and expectations for the next 12 months stayed the same at -26.

The major purchase index rose eight points to +6, 11 points higher year on year.

GfK client strategy director Joe Staton said: “Consumers are no doubt aware of the incessant Brexit noise, the core debate about whether no deal is better than a bad deal, the accompanying threats, warnings and uncertainties, the wild hopes and dark fears, and the daily ups and downs. But are consumers putting their hands over their ears and quietly saying ‘let’s just wait and see’?

“We are just months away from the Brexit crunch but there is no sign, yet, of any crash in consumer confidence. Yes, the core index continues to muddle along in negative territory, but Armageddon seems a distant prospect. With this month’s jump, we have four of the constituent scores up and one unchanged. And we are well above the worrying -39 we saw in July 2008.”

“Are consumers being more sensible than the pundits? Have they developed an immunity to the Brexit babble?”