UK consumer, business confidence weak in lead-up to Brexit trigger

UK consumer confidence weakened in the lead up to this month’s triggering of Article 50, which commenced the formal proceedings for the Britain to leave the EU.

A survey from GfK, the research house, showed its index of consumer confidence came in at minus 6 in March, steady from the previous month.

This marks the 11th month in a row the index has remained below zero. Economists expected a reading of minus 7.

Meanwhile, the Lloyds business barometer fell to 35 from an 11-month high of 40 in February. In June last year, when the Brexit vote took place, business confidence hit a four-and-a-half-year low of 6.