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Financial News: UK Households Remain Upbeat About Future Finances

UK Households Remain Upbeat About Future Finances

07/22/2019 - 05:42:00 (RTTNews)

(RTTNews) - British households' expectations towards future finances remained positive in July, survey data from IHS Markit showed Monday.

The headline household finance index rose for the second straight month in July, to 44.3 from 43.9 in June. The score signaled the weakest level of pessimism among households towards their finances since January.

The resilient labor market condition was the key driving force behind financial optimism.

Households reported strong growth in workplace activity in July but concerns regarding job security remained. Incomes from employment grew at a strong pace in July.

Further, perceptions towards living costs increased to the highest in ten months and the perceived inflation rate was in line with the long-run average.

Households viewed that the next move by the Bank of England a rate increase. However, there were signs that expectations were beginning to shift slightly towards looser monetary policy.

"There were some noteworthy developments in interest rate expectations in July, as the proportion of UK households predicting the next move by the Bank of England to be a cut rose to its highest in over two-and-a-half years," Joe Hayes, an economist at IHS Markit, said.

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