Consumer confidence the worst in London, according to report by Deloitte

 
Oliver Gill
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National confidence in the economic situation is 18 points lower than at the same time last year (Source: Getty)

London consumer confidence is the lowest in the UK according to a report by Deloitte released today.

Against a backdrop of falling confidence across the country, London scored the worst in the first three months of 2016 with job security confidence falling six per cent and disposable income confidence down nine per cent.

According to Ian Stewart of Deloitte, London was particularly affected "with its particular exposure to developments in the global economy and financial markets".

Stewart pointed to a UK trend that could have a considerable effect on those living in the capital yet to get onto the property ladder.

He said: "Home ownership is synonymous with financial security. Those in ‘generation rent’ are starting to feel the impact of private rental prices having outstripped wage increases in recent years."

National confidence in the economic situation is 18 points lower than at the same time last year "despite what appears to be near-perfect economic fundamentals for UK consumers, with low unemployment, low cost of borrowing, low inflation and rising wages".

"Greater risks in the global economy and domestic uncertainty in the run up to the EU referendum on 23rd June seem to have unsettled consumers," said Stewart.

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