In a new report, figures have revealed that consumer confidence grew in August as UK shoppers’ incentive to save money fails.

According to GfK Consumer Confidence Index, it rose five points last month to -7 after it dropped by the quickest rate in 26 years in July following Brexit.

Head of market dynamics at GfK, Joe Staton, said: "We're reporting some recovery in the index this month as consumers settle into the new wait-and-see reality of a post-Brexit, pre-exit UK. The uptick in confidence is driven by good news from hard data, the combination of historic low interest rates matched with falling prices and high levels of employment.”

Figures also show that climate for major purchases, general economy and indexes relating to the forecast for personal finances all increased, there was a 16 point drop in the savings index which now stands at -15 this month.”

Staton added: this is “remarkable”. “We Brits are clearly determined to carry on shopping for today rather than saving for tomorrow."