Lupa Kata Sandi? Klik di Sini

atau Masuk melalui

Belum Memiliki Akun Daftar di Sini


atau Daftar melalui

Sudah Memiliki Akun Masuk di Sini

Konfirmasi Email

Kami telah mengirimkan link aktivasi melalui email ke rudihamdani@gmail.com.

Klik link aktivasi dan dapatkan akses membaca 2 artikel gratis non Laput di koran dan Majalah Tempo

Jika Anda tidak menerima email,
Kirimkan Lagi Sekarang

Brexit Shockwaves Hit UK Consumers, Wages

Translator

Editor

28 July 2016 10:52 WIB

REUTERS/Neil Hall

TEMPO.CO, London - Shockwaves from Britain's vote to leave the European Union are reverberating through the economy with surveys published on Thursday showing a sharp dive in consumer confidence and a slowdown in the construction sector.

A month after the Brexit vote, the latest signals of a sharp economic slowdown are likely to add to expectations of action from the Bank of England on Aug. 4 when most economists say it will cut interest rates and might start buying bonds again.

An index of consumer confidence plunged nearly five points to 106.6 in July - matching a fall seen in October 2014 - to touch its lowest level in a monthly survey in three years, polling firm YouGov and the Centre for Economics and Business Research (CEBR) said.

"The public are still absorbing the EU referendum result but it is clear that consumer confidence has taken a significant and clear dive in the month after the Brexit vote," Stephen Harmston, Head of YouGov Reports, said.

People are particularly worried about what will happen to the value of their homes, the survey found.

"If homeowners' fears over their property prices are realised then there could be a very serious impact to both the housing sector and the economy in general," CEBR director Scott Corfe said.

Economists say spending by consumers offers the best hope that Britain can avoid a Brexit recession. But retailers said ales fell sharply after the referendum, according to a survey published on Wednesday.

In construction, growth in activity slowed after the vote, the Royal Institution of Chartered Surveyors said.

Contributors to a RICS survey predicted a 1 percent rise in workloads over the next 12 months, down from growth of 2.8 percent they had foreseen in the first quarter.

Britain's property market has been one of the worst hit sectors since the referendum with housebuilders seeing their market values plunge while investors pulled out cash from commercial funds, forcing many to be suspended.

Construction firms cut back their forecasts for hiring, mirroring moves by British retailers who reported the fastest fall in full-time equivalent employment in two years in the second quarter, as the referendum approached.

But a survey by the British Retail Consortium showed 93 percent of retailers intended to keep staffing levels unchanged in the next three months compared with 83 percent in the second quarter of last year.

A third survey published on Thursday showed pay awards in Britain stuck in a slow gear.

Median pay settlements in the three months to the end of June were worth 1.8 percent for a third month in a row after a two-year run during which increases of 2 percent had become the norm, according to XpertHR, an online human resources firm.

"It remains to be seen how the uncertainty around the impact of the Brexit vote will feed through to pay settlements, but we are likely to see pay awards remaining subdued for many months to come," XpertHR's Sheila Attwood said.

REUTERS




Jakarta has Capital to Become Business City Competing with New York: Economist

11 hari lalu

Jakarta has Capital to Become Business City Competing with New York: Economist

The metropolitan city of Jakarta has the capital to become a business and economic hub that can compete with New York, an economist says.


Bank Indonesia: Single Round Election May Help Economy Grow More than 5.1%

23 hari lalu

Bank Indonesia: Single Round Election May Help Economy Grow More than 5.1%

Bank Indonesia (BI) Governor Perry Warjiyo is confident that Indonesia's economic growth will exceed 5.1 percent in 2024.


Today's Top 3 News: Indonesian National in Japan Arrested Over Alleged Child Abandonment

28 hari lalu

Today's Top 3 News: Indonesian National in Japan Arrested Over Alleged Child Abandonment

Here is the list of the top 3 news on Tempo English today.


Finance Minister Sri Mulyani Likens Indonesia's Economy to Brazil Ahead of G20 Meeting

28 hari lalu

Finance Minister Sri Mulyani Likens Indonesia's Economy to Brazil Ahead of G20 Meeting

Sri Mulyani Indrawati said economic similarities are present between Indonesia and Brazil.


Jokowi Claims Indonesia's Economy Sturdy Amidst Global Uncertainties

29 hari lalu

Jokowi Claims Indonesia's Economy Sturdy Amidst Global Uncertainties

Jokowi explains that Indonesia's economy in 2023 grew 5.05 percent, with controlled inflation at 2.57 percent.


AHY Visits Airlangga's Office; Promises Smooth Land Acquisition Process for Investments

30 hari lalu

AHY Visits Airlangga's Office; Promises Smooth Land Acquisition Process for Investments

AHY is committed to ensuring successful investment and infrastructure development in fields that require land readiness and legal certainty.


Indonesia Reconsiders to Issue Samurai Bonds Amid Japan Recession

34 hari lalu

Indonesia Reconsiders to Issue Samurai Bonds Amid Japan Recession

Ministry of Finance spoke up about the issuance of Samurai Bonds, the yen-denominated bond, amid the Japanese recession.


What You Need to Know About Downstream Program

36 hari lalu

What You Need to Know About Downstream Program

Indonesia's downstream policy has garnered global attention following President Jokowi's insistence on enforcing downstream programs.


Jokowi Hopes National Economy Improves Post-Election

36 hari lalu

Jokowi Hopes National Economy Improves Post-Election

Jokowi hoped that Indonesia's economy would improve post-election along with the increase in investment and capital.


Today's Top 3 News: Economist Worries Development Weaknesses of Jokowi era Will Continue if Prabowo wins

40 hari lalu

Today's Top 3 News: Economist Worries Development Weaknesses of Jokowi era Will Continue if Prabowo wins

Here is the list of the top 3 news on Tempo English today