Consumer confidence has seen its sharpest drop in 21 years after the UK referendum vote to leave the EU.

According to a one-off online survey of 2,000 people by market research firm GfK, the survey highlighted that its confidence index fell by eight points to -9, a drop not since seen December 1994.

The report also indicated that 60% of consumers expect the general economic situation to worsen over the next 12 months, compared to 46% in June, while only 20% expect it to improve, compared to 27% last month.

GfK posted that 33% consumers believe prices will rise sharply over the next year, an increase of +20%.

Within the regions, confidence was -19 in Scotland, while the North followed closely behind at -15, with the Midlands area showing a figure of -12. Wales, Northern Ireland and the South reported figures of -8, -5 and -1 respectively.

Commenting within the report, GfK said: “Since the UK voted to leave the EU on 23 June there’s been a lot of speculation about what consumers might think about its impact on the economy and their economic situation, but little robust data to provide solid evidence. Our one-off Brexit Special changes that.

“Incorporating the same measures we use each month in the Consumer Confidence Barometer (CCB), we can assess – rather than guess - consumer confidence right now. The results show that confidence has dived, with the core Index falling 8 points to-9, and that all of the key measures used to calculate the Index have fallen. For context, this long-running survey dates back to 1974, and there has not been a sharper drop than this for 21 years (December 1994).”

Consumers were questioned online in the immediate aftermath of the decision between 30 June and 5 July 2016.