Brexit shockwaves hit UK consumers, firms brace for slowdown

Consumer power: A pedestrian walks underneath rows British Union flags suspended above Regent Street in London. Economists say spending by consumers offers the best hope that Britain can avoid a Brexit-related recession. — Bloomberg

LONDON: Shockwaves from Britain’s vote to leave the European Union (EU) are reverberating through the economy, with surveys published yesterday showing a dive in consumer confidence and a slowdown in construction.

Preparing for a Brexit-related slowdown, Lloyds Banking Group said it would cut 3,000 jobs and one of Britain’s biggest car dealerships, Inchcape, predicted growth in new car registrations would slow.