Fri, 08 Dec 2023

LONDON, England: A survey conducted by YouGov and consultancy Cebr reported that UK consumer confidence slowly rose in July, after seven consecutive months of decline.

This trend could be partly due to the introduction of support payments for low-income households.

The survey, released this week, stated that the overall consumer confidence index rose 2 points in July, the first upward trend since November 2022.

The survey comes days after the Bank of England said this week that at the end of 2022, the UK would enter a recession and predicted a further rise in inflation, with consumer prices possibly increasing more than 13 percent in October.

In July, the first installment of one-off government payments of $787 to millions of low-income households struggling with the cost of living began, which YouGov and Cebr said could have helped improve sentiments.

"While the first cost-of-living payments have started to arrive, questions remain regarding the type of support households can expect over the coming months, with the energy price cap set to rise to new record highs," said Kay Neufeld, head of forecasting at Cebr, as quoted by Reuters.

This week, analysts said that the UK's cap on domestic energy prices is expected to rise to over $5,089 per year, up 230 percent from the previous year.

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