Business leaders react to 'hard' Brexit plan

Brexit gloom appears to be spreading.

Just 29% of British households surveyed in March believe Brexit will be Great for the U.K.’s economy over the next 10 years, according to IHS Markit.

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in which’s a major turnaround by July of 2016, when 39% of the public believed in which leaving the European Union would likely make Britain’s economy better off.

The share of households in which expect economic prospects to worsen has increased by 42% to 53% over the same time period. Eighteen percent anticipate no change.

“Pessimism has today spread to all age groups as well as income brackets,” said Chris Williamson, chief business economist at IHS Markit. “The most marked turnaround is usually evident among the poorest paid, who have switched by being the most optimistic to today being the most downbeat.”

brexit pessimism

Households in Scotland, where 62% of the public voted against leaving the EU, are the most pessimistic about its impact on the economy.

People in manufacturing as well as construction roles were the only groups of workers who see Brexit as beneficial inside long run. Williamson said manufacturing workers might see the advantage of a weaker pound in which gives a boost to exports. The currency has fallen 17% since the referendum.

Brexit: EU says Britain’s divorce bill may hit $62 billion

Prime Minister Theresa May is usually likely to trigger the official EU exit process on Wednesday.

While the U.K. economy performed unexpectedly well inside months following the June referendum, reality is usually starting to bite. Inflation jumped to 2.3% in February over the previous year, as well as consumers are starting to buckle under the pressure of higher prices.

Williams said in which would likely be fascinating to see how sentiment improvements during negotiations.

“For today in which seems in which the population has at least become more downbeat on the economic consequences of Brexit,” he said.

The survey of 1,500 respondents was collected as part of the monthly Markit Household Finance Index.

sy88pgw (London) First published March 26, 2017: 8:21 PM ET


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