4 in 5 Brits Fearful of Post-Brexit Financial Squeeze

May 19, 2017

A very considerable majority of consumers throughout the UK are fearful that price rises will put a squeeze on their personal finances over the next few years.

That’s according to a recent poll which found that some 83 per cent of people are concerned that prices of a wide variety of goods and services will increase after the UK exits the European Union, as it is currently in the process of doing.

A particularly widespread concern is that the costs of everyday essential purchases will increase considerably over the next few years, which could be a serious problem for anyone with personal debt issues or who already struggles to make ends meet.

The recent survey, carried out by Mintel, suggests that 59 per cent of Brits are currently worried that the price of groceries will increase and impact their finances in the process.

A quarter of respondents to the poll expressed concerns that the costs of clothing and shoes will soon rise and 35 per cent said they’re worried that the price of going on holiday will increase.

Meanwhile, as many as eight in 10 people who contributed to Mintel’s British Lifestyles study said that they are worried about the future of the National Health Service and 68 per cent said they are concerned about the prospects for the UK economy as a whole.

From a personal finance perspective, significant minorities of people shed some light on their concerns, with 48 per cent of respondents saying that they worry about their ability to pay their bills each month and 37 per cent saying that they are worried about their current levels of personal debt.

“Following the UK’s vote to leave the EU, there has been a great deal of discussion about how it will impact the price of goods and services,” said Jack Duckett from Mintel in a statement.

“Mintel research underlines particular concern about the rising cost of in-home food, and inflation is undoubtedly going to squeeze household budgets,” he said.

If you live anywhere in Scotland, and are concerned that your personal debts are spiralling out of control, then Scotland Debt Solutions can help. You can contact any of our offices in Scotland to arrange a free and confidential consultation.

John Baird

Insolvency Adviser

Tel: 0800 063 9250

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