News of immediate economic damage caused by the June 23 U.K. Brexit referendum might have been overblown, as most economic indicators in the country have recovered. Commentators, on the other hand, are less confident, with many hinting that while the sky didn’t fall on the country straight away, it is likely that as the months go on, the immediate lack of impact could turn into major economic harm.
For example, the latest consumer confidence survey from YouGov and the Centre for Economics and Business reveal that consumer confidence rose to 109.8 from 106.6 in July, the largest jump in three years, albeit from a significant low point. This could be a temporary restoration of confidence, however, warns YouGov, as details of Brexit start to filter through. More importantly, if the Bank of England’s predictions of an economic slowdown become a reality, this confidence could evaporate. On the other hand, YouGov adds: “[A]ll four [confidence] measures looking back over the past 30 days have improved—household financial situation, property value, job security. and business activity in the workplace.”
