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UK Household Finance Outlook Worsens In October




19.10.16 12:36
dpa-AFX


LONDON (dpa-AFX) - British households' finance outlook worsened in October on higher inflation expectations, while their financial pressures intensified to the strongest level in five months, results of a survey by IHS Markit and financial information provider Ipsos Mori revealed Wednesday.


The seasonally adjusted Household Finance Index, or HFI, dropped to 43.8 in October from 44.7 in September.


A score below 50 suggests pessimism regrading finances among the U.K. households.


British households reported the strongest financial pressures since the EU referendum during October.


The index measuring the outlook for financial well-being over the next twelve months, fell to a three-month low of 48.3 in October from 49.4 in the previous month.


Workplace activity rose for the third month running in October. Despite this, the index measuring job security remained downbeat during the month. Income from employment grew marginally.


On the price front, current inflation perceptions accelerated to a four-month high in October, with the index rising to 67.6 from 64.1 in September. Similarly, the expectations for living costs over the year ahead reached its highest since December 2014.


"Interest rate expectations were meanwhile split. Policymakers face a potential balancing act - price pressures stemming from the weakness of sterling against an uncertain growth outlook with Brexit negotiations set to begin early next year," Philip Leake, economist at IHS Markit, said.


"Some households (27 percent) are therefore expecting a further rate cut to stimulate the economy, while others see tighter monetary policy within a year (43 percent)."


Copyright RTT News/dpa-AFX



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