Households in the UK are growing more confident as the economy recovers

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19th November 2014 17:40 - Financial Services

Inflation has been at its lowest level in five years this month (November) and consequently, confidence within British households has grown.

The Markit Household Finance Index, which monitors changing consumer behaviour, grew to 42.7 this month which is the highest level in seven months, up from 41.8 in October.

Despite this, households are slightly less optimistic about their personal financial wellbeing over the next year, November’s survey revealed as opposed to the slightly higher expectations of last month’s survey.

Of those surveyed, 65 per cent anticipate the Bank of England to raise interest rates within the next 12 months. However, 29 per cent expected this rise to be within 6 months.

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