UK Households Expect Tougher Finances

19th December 2017.

More households in Britain expect a deterioration in their finances for the first time in three years, a survey published by the Bank of England has found.

The darker outlook felt by consumers is much linked to the Brexit vote in 2016, with many losing confidence in their personal finances and the UK economy.

Household borrowing and spending have both increased since last year, likely reflecting the recent rise in the cost of living, says the BoE.

Britain’s inflation rate has jumped to 3.1 percent, further affecting household budgets. While unemployment remains a record low, wage growth is sluggish.

According to the survey, only a small number of homeowners are adapting their finances to the Bank’s recent interest rate rise, with only one in 40 households in Britain willing to spend less or work more hours.

The online survey was conducted between Sept. 6 and 26 and was considered by the BoE’s Monetary Policy Committee before it voted to raise rates on Nov. 2.

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