British consumer confidence remains at a record low this month as they face rising inflation and higher interest rates, a survey showed today.
Market research firm GfK said its index of consumer sentiment stood at -41 in July, in line with June’s 48-year low and below levels since previous episodes of recession in the British economy.
Economists polled by Reuters had expected the index to fall to -42.
Joe Staton, director of client strategy at GfK, said a two percentage point rise in personal savings over the next 12 months was likely to reflect optimism after Prime Minister Boris Johnson announced he would step down.
However, the general course of the mentioned index reflects the serious concerns regarding the general course of the economy.
With inflation on course to hit double digits after 9% in June, the Bank of England (BoE) is expected to raise interest rates for a sixth time from December next month, despite a slowing economy.
The BoE announced that it is prepared to “intervene forcefully” if necessary.
SOURCE: AMPE
Source: Capital
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