Over 80 percent of Brits fear Brexit price hikes

24 May 2017 - Janet Bird

price rise fears

Over 80 percent of Britons fear Brexit will lead to a hike in the price of goods and services, a new report has revealed.

Data collected by Mintel as part of their 27th annual British Lifestyles report showed potential rises in the cost of household essentials were of concern to 83 percent of consumers.

A further 59 percent of respondents said their greatest fear was a rise in the price of groceries.

In all, 46 percent of those questioned said they believed Brexit will negatively impact the cost of living - the same number recorded in a survey conducted last July, the month after Britain voted to leave the EU.

Fewer people now believe, however, that leaving Europe will negatively impact the UK economy - 31 percent as opposed to 39 percent in the immediate aftermath of the vote.

And the Mintel study found that consumer spending last year hit £1.2 trillion, an increase of 3.7 percent. This suggests that broader consumer confidence is still relatively strong, despite growing inflation and increasing economic uncertainty.

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