UK families are feeling the pinch

FAMILIES’ confidence about their finances has slumped to its lowest level in nearly a year, a major survey has revealed.

The study by research group IHS Markit found there is deepening gloom about the future amid political turmoil over Brexit.

Its index of household confidence – where anything over 50 means consumers think their finances are improving and anything below means they think things are getting worse – was 43.4 this month, down from 44.7 in January.

Meanwhile, workers are more worried they might be made redundant. Perceptions of job security fell for the fourth month in a row, to their lowest since January 2018.

Recent disappointing figures from the Office for National Statistics also showed the economy grew by only 0.2pc in the last three months of 2018.

Joe Hayes, an economist at IHS Markit, said: ‘The impact on confidence caused by Brexit uncertainty continues to pose a notable risk to the domestic economy, also highlighted by job security perceptions becoming increasingly negative.’