UK households are at their most pessimistic about the outlook for their financial well-being for nearly six years, with worries over job security increasing amid political and economic uncertainty fuelled by Brexit.
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IHS Markit’s monthly household finance index report, using data collected by pollster Ipsos MORI, also shows a stronger degree of negativity towards current finances in September.
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IHS Markit said: “The stronger deterioration in financial health was accompanied by sharper declines in appetite for major purchases, job security perceptions and financial well-being expectations.”
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Joe Hayes, economist at IHS Markit, flagged a drop in appetites for major purchases such as cars and holidays.
He added: “There were also signs political and economic uncertainty had caused nervousness surrounding job security. Above all, latest data suggest the robust performance of the UK labour market may not be sufficient to dispel the pessimistic financial outlook.”
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