‘Burnham bounce’ and World Cup lift mood in July, says data firm
Summary
Consumer confidence in the UK rose sharply in July, driven by the strong chance of Andy Burnham becoming prime minister, England’s good performance in the World Cup, and better weather. Despite this optimism, people remained cautious about their personal finances, and rising oil prices could slow economic improvement.Key Facts
- UK consumer confidence jumped by its largest amount in nearly three years in July.
- Andy Burnham’s byelection win on June 18 raised hopes that he could become the next prime minister.
- Positive feelings also came from England’s success in the men’s World Cup and sunny weather.
- Consumers expected the UK economy to improve over the next year and rated past performance better too.
- Optimism was limited by concerns about personal money matters, which improved only slightly.
- Conflicts in the Middle East and rising oil prices (up to $100 per barrel) could raise inflation again.
- Inflation had dropped to 2.6% in June but was expected to rise toward 4% by November.
- Analysts said Burnham’s government would need to deliver strong results to keep confidence growing amid ongoing economic challenges.
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