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- Worries mount for UK businesses and consumers as Brexit crisis builds - Lloyds Bank surveys
Worries mount for UK businesses and consumers as Brexit crisis builds - Lloyds Bank surveys
Confidence drained away from British businesses and consumers in August as the Brexit crisis deepened, according to surveys that suggested the political ructions are increasingly taking a toll on the economy.
The Lloyds Bank Business Barometer slid to 1% from 13% in July, its lowest level since December 2011, when Britain was struggling to recover from the global financial crisis.
Separately, a survey of consumer confidence from market research company GfK was its joint weakest since mid-2013, driven lower by deepening pessimism about the economy.
Overall, the reports added to signs that Britain's economy is likely to struggle to bounce back from its contraction in the second quarter, the first time it shrank since 2012. Britain would be in recession if growth contracts in the third quarter.
"We have seen a dip in overall business confidence this month, with firms appearing less positive about their own trading prospects and the broader economy," Hann-Ju Ho, senior economist at Lloyds Bank Commercial Banking, said.
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