New data released today by the Office for National Statistics has revealed the longest sustained fall in economic well-being in over two years.

According to the ONS, for the first time in over two years consumers reported a worsening of their perception of their own financial situation for three consecutive quarters.

In Quarter 4 2017, the average aggregate balance was negative 1.6 – a decrease from positive 0.7 recorded in Quarter 4 2016.

Vince Cable, Leader of the Liberal Democrats said:

“While it is now clear that Brexit has negatively impacted the economy by increasing inflation, eroding wages and holding back business investment, this data proves that these factors are translating into lower economic well-being.

“With the household savings ratio at record lows and indebtedness approaching pre-crisis levels, it is no wonder that people feel financially insecure. More than ever, we need an Exit from Brexit so we can get on with the solving the real challenges facing the British economy.”

Notes:

https://www.ons.gov.uk/peoplepopulationandcommunity/personalandhouseholdfinances/incomeandwealth/bulletins/economicwellbeing/octobertodecember2017