Third of Britons to tighten belts over Brexit

LONDON: More than one third of Britons are likely to cut down on big purchases following Britain’s decision to quit the European Union, according to a retail survey published on Wednesday.A Retail Economics poll of 2,000 people after last week’s referendum result showed that 37 percent of consumers would likely reduce spending on large purchases such as televisions, furniture, bathrooms and holidays.”The results from our Consumer Attitudes Survey show concerns over the future of the economy, personal finances and rising costs of living are likely to choke off consumer confidence and spending,” said Richard Lim, chief executive of research group Retail Economics.The survey revealed also that three in five Britons are worried about the outlook for the UK economy and believe Brexit will have a negative impact on personal finances.”A further 58 percent said they would now hold back spending on non-essential items with our analysis suggesting that electricals and DIY would be the areas hardest hit,” Lim said.”With the consumer sector the driving force behind the economic recovery so far, it is difficult to see what can compensate should a more widespread slowdown materialise,” he added.Britons voted by 52 percent to 48 percent in favour of leaving the European Union on Thursday.Britain would be the first country to leave the bloc.