British consumers admit they are concerned about post-Brexit price rises

CONSUMERS ARE braced for an expensive post-Brexit future with four in five fearing price rises on goods and services, a survey has found.

Some 83 per cent of Britons are currently concerned about price rises on goods and services and 59 per cent are worried about the mounting cost of groceries, according to the poll for Mintel’s British Lifestyles report.

More than a third are worried about the increasing cost of holidays and 26 per cent fear that clothes prices will rise.

Just under half of consumers say that Britain’s vote to leave the European Union will have a negative impact on the cost of living in the UK, with this figure unchanged from when the question was first asked immediately after the referendum result.

Jack Duckett, senior consumer lifestyles analyst at Mintel, said: “Mintel research underlines particular concern about the rising cost of in-home food, and inflation is undoubtedly going to squeeze household budgets.”

However, attitudes towards Brexit’s impact on the economy appear to have softened, with 31 per cent now believing it will have a negative impact on the UK’s economic growth, down from 39 per cent in July 2016.

And beyond rising prices, Britons are most concerned about “bigger picture” issues such as the UK economy, the future of the NHS and the state of the environment rather than their personal situation.

Some 81 per cent of consumers are concerned about the future health of the NHS, 68 per cent are worried about the UK economy and 67 per cent are nervous about the state of the environment.

In contrast, less than half of all adults are worried about their ability to pay the bills and less than two in five are concerned about their level of debt.

Despite the political upheaval, Mintel found that consumer spending rose by 3.7 per cent last year to reach £1.2 trillion.

By 2021, it is projected that Britons will spend £1.4 trillion per annum.