Squeeze On UK Household Finances Intensify In February

British households’ current financial pressures intensified at the sharpest pace in seven months in February, results of a survey by IHS Markit and market research company Ipsos Mori revealed Monday.

The seasonally adjusted Household Finance Index, of HFI, dropped to 42.2 in February from 42.9 in January.

Any score below 50 suggests pessimism regarding finances among the U.K. households.

UK households remained downbeat about their financial prospects over the next year, with the corresponding index falling to 47.6 in February from 47.7 in January.

Workplace activity increased at a solid rate in February, while survey respondents indicated another reduction in job security and only a marginal rise in income from employment.

Strong inflationary pressures continued to have a negative influence on financial well-being in February, with cash available to spend falling at the fastest pace for ten months.

The survey also revealed that 60 percent of UK households anticipate a Bank of England rate rise within the next six months, up sharply from 45 percent in January.

Source: RTT News

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