What Brexit Means For Consumers
30 Jun 2016
IRN Research map out consumer spending, income and savings for the next six years
The UK has voted for Brexit by a narrow margin. Assuming we do actually leave the EU what are the implications for consumer finance? The future course of the UK economy remains inherently uncertain at the moment, but using data from leading economic forecast organisations and taking our own view on the future course of the UK economy, IRN Research has produced a brief called The Impact of Brexit on Consumer Financial Services. While aimed at financial services firms, it presents three scenarios for the future course of consumer incomes, spending and savings which are of use to all businesses. The non-Brexit future is compared and contrasted with one where the UK negotiates an EEA-style trade arrangement with the EU and one where the UK negotiates a WTO-styles trade deal.
The brief argues the UK will suffer economic damage because of Brexit, with most of the impact felt in 2017 and 2018, which, assuming a new trade deal is completed by 2018, will be the years of maximum economic uncertainty.
The brief is produced by IRN’s Finance and Property division which undertakes market research studies into the financial services and property industries, especially general insurance, pensions, mortgages, retail banking and investments and savings.