The U.K. is experiencing the fastest wage growth in a decade, a slight rise in levels of happiness and higher household spending. But households are still concerned about the economy's future with Brexit around the corner.
Optimism about the economy’s future is also waning. While consumers are feeling positive about their personal finances, they expect the general economy to dip over the next 12 months. Expectations about the general economy are now at their lowest point since 2011.
Despite this, household spending per head grew for its ninth consecutive quarter. Some 43% of this was driven by a rise in spending on life insurance. In contrast, consumers spent 1.7% less on restaurants and cafes than in the last quarter. According to the ONS, higher spending on life insurance and lower spending on leisure activities, like visiting cafes and restaurants, is associated with lower life satisfaction and this could be reflected in future wellbeing surveys. Surprising fact
: Despite the positive figures from this quarter U.K. average wages, which account for the impact of inflation, still to pre-financial crisis levels, leaving low and middle-income households most vulnerable in the event of a recession, according to the Resolution Foundation.: The prospect of a no-deal Brexit is likely to have soured any positive feelings about the economy, analysts say. “With a no-deal Brexit looming, the U.K.
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