21st Feb 2025 03:42
(Alliance News) - The UK population remains pessimistic about the current economic climate although sentiments are improving according to research carried out by GfK.
The UK consumer confidence index remained in negative territory as it edged up to minus 20 in February from minus 22 in January. No change from the previous month was expected according to FXStreet-cited consensus.
Meanwhile, the personal financial situation index covering the past 12 months improved to minus 7 in February from minus 10 in the previous month.
The general economic situation index also improved to minus 44 from minus 46 over the same period.
Neil Bellamy, consumer insights director at NIQ GfK, said: "The Bank of England interest rate cut on February 6th will have brightened the mood for some people, but the majority are still struggling with a cost-of-living crisis that is far from over. Prices are still rising above the Bank of England's target; gas and electricity bills remain a challenge for many households. So, it's no surprise that consumer views on the general economic situation are still lower than 12 months ago, suggesting that people don't expect the economy to show any dramatic signs of improvement soon."
The indices are calculated by market research firm GfK as part of the UK Consumer Confidence Barometer using responses to a monthly survey of individuals aged 16 and above from a representative sample of the population.
By Elijah Dale, Alliance News reporter
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