Consumers Grow More Pessimistic on UK’s Economic Future

Household income, spending and wealth rose at the start of the year, bolstered by a strong labour market, according to the latest data, but Brexit uncertainties left consumers gloomy about the future direction of the economy, the Financial Times reported. The Office for National Statistics said on Monday that “all main measures of economic wellbeing increased” in the first three months of 2019. Families’ income adjusted for inflation and after taxes rose by 1.8 per cent, while household spending per head rose 1.2 per cent, compared to the same period last year, to an all-time high. Per-capita net wealth rose at an even faster pace. The value of financial assets held per person net of the liabilities rose by 3 per cent, largely driven by an increase in the value of equity and investment fund shares and pension schemes. Read more