UK Households Pessimistic about 2013 Economy

Consumers are braced for another year of austerity after the chancellor’s autumn statement failed to lift the gloom that has descended on the UK economy.

According to a survey this month of attitudes to family finances, 43% of households believe their finances will worsen in 2013, compared with 24% who expect their income to improve.

George Osborne was forced to admit in his autumn statement that growth would be lower than expected, but said he planned to boost investment and the long-term prospects for the economy.

However the survey by Markit, the financial data provider, found that “the underlying situation is that household finances are under severe strain from lower incomes and higher living costs”.

More households were fearful of losing their jobs than in the previous month, and most expected wage rises to remain below inflation, according to the report.

via Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza
Alfonso Esparza

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