A recent survey revealed that seven out of ten Britons are willing to support domestic businesses through the “Buy British” initiative, amid concerns that U.S. tariff measures could pose a threat to their national economy.
Barclays, a prominent British bank, released the results of a consumer survey on Tuesday. The survey, conducted by Opinium Research, polled 2,000 respondents between March 25-27 and April 8-11.
According to the survey, 71% of respondents intend to purchase more British-made products to support local companies. Moreover, 40% are actively seeking domestic alternatives to replace foreign goods they are currently buying.
The survey also highlighted that 67% expressed concerns about potential price hikes due to the ongoing tariff disputes.
Consumer confidence in household finances and living standards in the UK has slightly dipped. It recorded 70% and 74% respectively, down from 75% and 77% in the previous month.
Karen Johnson, Head of Retail at Barclays, noted that consumers are increasingly worried about the financial pressures stemming from rising utility costs and recent global events. She noted that households are being more cautious with their budgets in an effort to cut down on expenses.
In related news, the Trump administration has imposed a 10% tariff on British goods, with a steeper 25% tariff on steel and automobiles.
