Britons are feeling positive about their finances, but feel quite the opposite for the future of the economy, a report says.
In a survey conducted by Lloyds Bank, 70 per cent of consumers said that their personal finance situation was either “excellent”, “very good”, or “somewhat good”. In fact, this was the highest percentage the survey had produced in five years.
The survey also found that spend on food, drink, rent, and utility bills rose for the first time since November 2014, coinciding with an Office for National Statistics’ survey which revealed that retail sales has increased by 1.4 per cent in July.
However, when asked about their current outlook on the UK economy, some 62 per cent of respondents said they believed that Britain’s financial situation was “not good”, or “not good at all”.
The participants also felt less positive about the overall employment situation, with 50 per cent of respondents feeling “not very good, or “not good at all”.
Robin Bulloch, of Lloyds Bank, said: “What’s interesting is that people are more negative about the general economic outlook since the UK voted to leave the EU but feel more positive about their own personal circumstances. For now at least consumers seem intent on putting any fears of a wider economic slowdown to one side and carry on spending.”