In the week Article 50 was triggered, the ramifications of last summer’s Brexit vote were made clear once more today.
According to the GfK’s latest barometer, shoppers remained downbeat in March as consumer confidence languished at -6 on its index – down six points year-on-year.
It was the confidence in the UK’s economic situation that dragged the overall score down.
Optimism surrounding the UK’s general economic situation over the last 12 months was -21, while sentiment towards the country’s economy in the coming year didn’t fare much better, at -20.
Consumers clearly remain concerned about the impact Brexit will have on the economy, while fears over living costs rising at a quicker rate than wages could provide ammunition for shoppers to rein their spending.
Prime Minister Theresa May will need to be open with her divorce negotiations with the EU in order to reinstate confidence among consumers and businesses alike.
However, Brexit has not discouraged rapper Drake from bringing his October’s Very Own clothing brand to the UK, while Koovs revealed its own plans for international expansion as it moves into the Middle East and Asia-Pacific.
Quote of the day
“I’ve seen a lot of challenging times and opportunity times so I’ve seen a version of this movie in the past.”
– Macy’s boss Terry Lundgren on the challenges facing US department stores.
Today in numbers
The write-down suffered by the general partner of Jaeger owner Better Capital’s 2012 fund, after it sold its debt instruments to an undisclosed buyer.
As the City sleeps for a couple of days, good luck for a successful weekend’s trading.
Luke Tugby, head of content