(Bloomberg) — British consumer confidence improved for the third month in a row to the strongest level in 2.5 years, reflecting a rosier economic outlook ahead of the general election.
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The market research agency GfK Ltd. said its gauge of sentiment rose 3 points to minus 14 in June, stronger than minus 16 economists expected. The figure matches November 2021 levels – before Russia’s invasion of Ukraine caused the worst inflation in four decades.
The findings support Prime Minister Rishi Sunak’s argument that the economy has turned a corner after last year’s recession. It is yet another indicator that Britain can achieve stronger growth in the coming months, despite ongoing concerns about higher prices.
“Confidence continues its robust long-term upward trend,” GfK customer strategy director Joe Staton said in a report Friday. “The overall score remains negative due to the difficulties so many have experienced as the ongoing cost of living crisis ravages household budgets.”
The report also found:
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Confidence about the general economic situation in the next twelve months rose by 6 points to minus 11, the highest value since August 2021.
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People’s sentiment about their own personal financial situation dropped by 3 points to 4 points.
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Views on whether now is the right time to make a major purchase rose 3 points to minus 23.
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