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Financial News: UK Household Finance Outlook Worsens Sharply In March

UK Household Finance Outlook Worsens Sharply In March

03/22/2017 - 06:16:00 (RTTNews)

(RTTNews) - British households' financial outlook worsened to the weakest level in more than three years in March on sharp inflation expectations, while their financial pressures intensified to the strongest level since late-2014, results of a survey by IHS Markit and financial information provider Ipsos Mori revealed Wednesday.

The seasonally adjusted Household Finance Index, or HFI came in at 43.2 in March, which was one of the weakest readings seen over the past two years.

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, fell to 45.3 in March from 48.1 in February.

Moreover, this signaled the greatest degree of negative sentiment about future household finances since November 2013.

Workplace activity grew at a solid pace in March and showed a relatively subdued degree of job insecurity. However, income from employment was broadly unchanged.

On the price front, current inflation perceptions remained sharp in March. The corresponding index came in a 83.4, little changed from February's three-and-a-half year peak of 84.7.

Similarly, the index measuring the expected living costs over the year ahead dropped slightly to 90.9 from 91.3.

The survey revealed that approximately 58 percent of survey participants forecast a rise in the Bank of England base rate within the next twelve months. That was up from 56 percent in February.

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