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Financial News: UK Household Finance Outlook Remains Downbeat In August

UK Household Finance Outlook Remains Downbeat In August

08/21/2017 - 03:48:00 (RTTNews)

(RTTNews) - British households remained pessimistic about their financial outlook in August, while their financial pressures somewhat softened, results of a survey by IHS Markit and financial information provider Ipsos Mori revealed Monday.

The seasonally adjusted Household Finance Index, or HFI, rose to 43.5 in August from July's 3-year low of 41.6.

However, a score below 50 suggests pessimism regrading finances among the U.K. households.

The index measuring the outlook for financial well-being over the next twelve months, edged up to 47.2 in August from 47.1 in the prior month.

Moreover, the latest survey extended the current sequence of negative sentiment to 17 months.

Workplace activity grew at the quickest pace in six months in August and income levels also rose at an accelerated pace. Concerns about job security were the least widespread since the end of 2015

On the price front, inflation expectations moderated marginally from the four-month high in July. The corresponding index dropped to 88.7 from 89.3.

The proportion of households expecting a rise in the Bank of England base rate during the next 12 months was 33 percent in August, down sharply from 48 percent in July.

"The sharp drop in the number of people expecting a Bank of England base rate rise in the near future provides an indication that households expect lending conditions to remain accommodative," Sam Teague, economist at IHS Markit, said.

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