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Financial News: UK Household Finance Outlook Worsens In June

UK Household Finance Outlook Worsens In June

06/19/2017 - 01:13:00 (RTTNews)

(RTTNews) - British households' finance outlook worsened further in June and their financial pressures remained sharp on higher living costs, 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 43.8 in June from 42.6 in May.

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

Survey data for 2017 so far have pointed to an intensified squeeze on financial well-being in comparison to the trends seen during 2015 and 2016.

The index measuring the outlook for financial well-being over the next twelve months, dropped to 45.8 in June from 47.1 in May. The June data signaled the greatest degree of pessimism for three months.

Workplace activity eased in June, with the index falling to 52.9 from 53.5 in May and the lowest since July 2016.

On the price front, current inflation perceptions remained elevated in June. Households also anticipate a sharp increase in living costs during the next 12 months

"The latest survey indicates that only around one-third of households anticipate a Bank of England rate rise by the end of 2017," Tim Moore, senior economist at IHS Markit, said.

"However, more than half (58%) expect higher interest rates on a 12- month horizon, which is more than double the figure seen after the Bank rate cut in August 2016 (28%)."

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