Brexit optimism waning: only 29% believe it will benefit economy
British consumers increasingly believe the economy will be worse off after Brexit, with a new survey finding just 29% people feel separation from the European Union will have a positive effect on the state’s prosperity.
Research by IHS Markit found the proportion in this camp was 10 percentage points lower than the 39% taking a positive view when similar research was carried out last July.
Britain voted to leave the bloc in June last year after the Leave campaign argued that the country’s economic prospects would be enhanced without the constraints of the EU.
"Pessimism has now spread to all age groups and income brackets"
Businesses and consumers are already beginning to feel the repercussions of the decision to leave, with higher shop prices as a result of the falling value of the pound and several major companies announcing intentions to move operations outside of Britain.
Out of the sectors reviewed by the analysis, only those in manufacturing and construction roles saw Brexit as beneficial for prospects, with the weaker pound providing stronger possibilities for exports.
"Pessimism has now spread to all age groups and income brackets," said Chris Williamson, chief business economist at IHS Markit.
"The most marked turnaround is evident among the poorest paid, who have switched from being the most optimistic to now being the most downbeat."
Theresa May is expected to begin the process of departure from the EU on Wednesday, by triggering Article 50, and mark the start of a complex process of negotiation between the two sides.