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March 2012 - Automotive

According to a new survey by financial information company Markit, Britons are feeling more positive about job security, so are more willing to open their purses for purchases.

While almost a half of UK households still think their finances will get worse in the coming year, overall sentiment remains better than at any time in 2011.

Big-ticket purchases such as cars and holidays have been measured as being the least downbeat since December 2010, which was the month before value-added tax was raised.

Markit economist Jack Kennedy commented: "Although households remain under considerable financial pressure, some green shoots of hope are in evidence as we move into spring. The latest survey showed easing concerns over job security amid signs of a pick-up in economic activity in early 2012. This supported spending levels and led to an improved appetite for making major purchases."

In addition, the government and the Bank of England expect consumers to ramp up their spending this year, since falling inflation is now easing the strain on people's living standards.

Nevertheless, the survey report also warned that high oil and petrol prices are raising concerns that inflation will not decrease as much as predicted.

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