UK consumers defy Brexit blues, but companies fret: surveys

British consumers appear little fazed by the possibility of a no-deal Brexit, but businesses have turned more worried, surveys showed on Friday.

Britain`s headline gauge of consumer confidence, compiled by market research firm GfK for the European Commission, rose to -7 in August from -10 in July, matching 2018 highs struck in March and May.

Economists who took part in a Reuters poll had mostly expected the reading to remain at -10.

TRENDING NOW

Govt mulling restoration of old pension scheme (OPS) for central govt employees? Minister of State for Finance Pankaj Chaudhary says THIS in Lok Sabha

Meet Dr Mohan Yadav - BJP's pick as Madhya Pradesh's Chief Minister-elect

Back-To-Back Upper Circuit! This multibagger infrastructure stock hits upper circuit for 12th straight session

Tata Power shares near record high after power generator joins hands with Indian Oil to set up EV charging points

Retail inflation now stable, temporary increases due to demand-supply mismatches: FM Nirmala Sitharaman

BPCL dividend: Bharat Petroleum Corp shares to trade ex-date on Tuesday

DLF CFO Vivek Anand resigns

1,178% return in 2 years: This NBFC stock hits upper circuit for second consecutive session

States should look at asset sales in infra sector to bolster revenues: RBI Report

Sovereign Gold Bond 2023–24: Next tranche to open next week; all you need to know

India planning to move from WPI to PPI in future: Official

Coca Cola India forays into Alcohol segment alcoholic beverage stocks Radico Khaitan, UBL, Sula Vineyards, Som Distilleries shares rise Tilaknagar Industries stock declines

Old Tax Regime clear winner, preferred by 63% taxpayers who prioritize long-term investments, tax-saving: Survey

Sensex touches 70,000 for first time, Nifty scales fresh peak; What's driving the indices higher?

RBI approves HDFC Bank's product on offline retail payments for adoption

"We are just months away from the Brexit crunch but there is no sign -- yet -- of any crash in consumer confidence," Joe Staton, GfK`s client strategy director, said.

"The core index continues to muddle along in negative territory, but Armageddon seems a distant prospect," he said.

Prime Minister Theresa May is trying to win fellow EU leaders round to her plan for Britain to keep free trade for goods -- something the European Commission opposes -- less than seven months before the country leaves the bloc.

In July, two of her key ministers resigned in protest at the plan, raising questions about her ability to secure a deal.

A separate survey showed a different picture among companies.

Lloyds Bank said its measure of business confidence in August fell six points to its lowest this year at 23 percent, dented by concerns about trading prospects for the year ahead and less economic optimism.

That compared with levels of around 40-50 percent before the Brexit referendum.

Confidence held steady only among manufacturers, many of whom have seen orders rise this year with the global economy growing more strongly.

"Business confidence was resilient in the first half of the year, but has eased back recently," Hann-Ju Ho, a Lloyds economist, said.

"This reflects changes in perceptions of Brexit risks, which underscores the importance of current EU-UK negotiations."

The Lloyds survey found a weakening in hiring intentions by companies and softer expectations for pay growth.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)