Britain ‘dependent on exports’

Britain’s messy election outcome and a weakening of the housing market have caused a sharp of loss of confidence among UK consumers, leaving the country dependent on exports to avoid a recession, according to a survey.

An index of consumer confidence produced by polling firm YouGov fell back to just above levels last seen just after last year’s shock referendum decision to leave the EU.

“Our preliminary assessment is that economic growth will fall sharply over the coming months and the country will only be saved from recession by strong international trade,” said Douglas McWilliams, deputy chairman at the Centre for Economics and Business Research (CEBR).