• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      How MPC left policy rates unchanged to mitigate COVID-19 impact on Nigerians

      4 hrs

      Finance

      Decent first 2021 auction for DMO, but drive to finance FGN deficit still poses a challenge

      24 hrs

      Finance

      Exposing Nigeria’s vulnerabilities: Covid-19, crude oil downsides from weak global macro environment

      24 hrs

      Finance

      Nigeria, Africa remittances on target as Wari, Lycaremit sign partnership

      January 21, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Africa Investment Forum

      Davos summit: AfDB asks developed countries to fulfil $100bn yearly climate finance pledge

      6 hrs

      Frontpage

      Africa loses up to $15bn yearly from climate change, laments Adesina, AfDBchief

      8 hrs

      Technology

      Tencent $1trn market cap on hold after 11% stock surge

      8 hrs

      Frontpage

      SDG: Covid-19 magnifies financing gap in developing countries by 70%, says OECD

      21 hrs

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Frontpage

      TCN chief calls out DisCos’ funding structure for power industry challenges

      4 hrs

      Oil and Gas

      Pipeline repairs cost NNPC N75.23bn in one year  

      6 hrs

      Nigeria Frontier Markets

      Port Harcourt DisCo explains meter distribution strategy

      8 hrs

      Oil and Gas

      Nigeria’s electricity DisCos create imbalance costing N20.5bn in 3 weeks  

      January 26, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      Misconstruing Data Protection Officer function within organisations

      January 25, 2021

      Analyst Insight

      CBN meeting and NSE in focus

      January 18, 2021

      Analyst Insight

      Once again, fiscal stimulus takes centre stage

      January 18, 2021

      Analyst Insight

      Organisations must learn from the WhatsApp story  

      January 18, 2021

Europe U.K

UK public becoming more pessimistic over Brexit’s economic impact, Bank of England reveals

December 15, 20171K views0 comments

A major new survey for the Bank of England has found that the British public has become more pessimistic about the economic impact of country’s withdrawal from the European Union (EU).

According to The independent, a survey by NMG of some 6,000 households, conducted in September, shows that the proportion of households expecting to leave the European Union to harm the UK economy has risen since the second half of 2016.

A net balance of around 35 per cent of households now think Brexit will do damage, up from around 20 per cent in the wake of the referendum in June 2016.

The proportion of people who expect Brexit to result in an increase in their own household spending actually rose relative to the second half of 2016, but the Bank said this was likely to reflect higher inflation this year, stemming from the plunge in sterling on the night of the referendum.

Read Also:

  • How MPC left policy rates unchanged to mitigate COVID-19 impact on Nigerians
  • Eko Atlantic City to utilise local content for economic diversification…
  • Insurance fails to address 64% of global economic losses in 2020 – Aon report  
  • Experts canvass exposing farmers to Agri-Insurance to minimize economic…

Inflation hit 3.1 per cent in November, the Office for National Statistics reported this week.

The UK economy is projected to grow by just 1.5 per cent over 2017 by the Office for Budget Responsibility.

This would be down from 1.8 per cent last year and the weakest expansion since 2012.

Other surveys in recent weeks have signalled a continued tailing off of consumer confidence in recent months, although headline retail sales were relatively strong in November on the back of Black Friday bargain hunting.

Household spending is a dominant element of the economy, accounting for around 60 per cent of GDP.

With business investment weak since the referendum vote due to uncertainty about future trade arrangements, household consumption been virtually the sole driver of overall output growth over the last year.

The NMG survey, published as part of the Bank’s Quarterly Bulletin, is more positive when it comes to the economic impact of the Bank’s decision last month to raise interest rates for the first time in a decade, from 0.25 per cent to 0.5 per cent.

The data collected by the survey, and analysed by the Bank, implies only around 2.5 per cent of UK households with a mortgage will need to take action because of the increase in the cost of borrowing.

The NMG survey was conducted online between 6 and 26 September.

The Bank’s Monetary Policy Committee this week said that the Brussels Article 50 breakthrough last week, enabling UK trade talks to proceed, could boost domestic consumer confidence.

Share on Facebook Tweet Email
TagsBank of England Brexit's economic impact
PreviousBitcoin hits new record high amid heightened concerns over risks of investing
NextNigeria’s central bank to auction N1.27trn treasury bills in Q1 2018

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • Analysts weigh up wheat price expectations, following Russian export curbs
  • Insurance fails to address 64% of global economic losses in 2020 – Aon report  
  • How MPC left policy rates unchanged to mitigate COVID-19 impact on Nigerians
  • TCN chief calls out DisCos’ funding structure for power industry challenges
  • Oak, Veritas Glanvills close in on Stanbic IBTC in RSA Fund 1 RoI for 2020

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

TCN chief calls out DisCos’ funding structure for power industry challenges

Frontpage 4 hrs

1
2

Bitcoin hits new record high amid heightened concerns over risks of investing

Frontpage December 15, 2017

3

Oil prices fall as crude build-up offsets hopes for U.S.-China trade talks

Frontpage November 6, 2019

4

FG to rake in N17bn from sale of 21% stake in Nigeria Security Printing & Minting Coy

Frontpage September 19, 2018

5

Oil edges lower, but hopes on easing trade tensions cap losses

Frontpage August 20, 2019

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.