Confidence rises five points as consumers continue to spend rather than save amid the Brexit fallout, says GfK in its latest report.

The market research organisation claims that the index measuring changes in personal finances during the last 12 months has increased by one point this month to 0, whilst the measure for the general economic situation of the country has increased by 2 points this month to -23, with the major purchase index increasing by nine points to +7 and the savings index falling by 16 points at -15.

The overall consumer confidence index increased by five points to -7, outlining some recovery as consumer fears over Brexit begin to settle.

Joe Staton, head of market dynamics at GfK, says: “We're reporting some recovery in the Index this month as consumers settle into the new wait-and-see reality of a post-Brexit, pre-exit UK. The uptick in confidence is driven by good news from hard data, the combination of historic low interest rates matched with falling prices and high levels of employment. This can be seen in positive growth across all major measures including both our Personal and General Economic situation for the next 12-months.”