theguardian_business

‘Burnham bounce’ risks deflating unless focus remains on struggling households | Richard Partington

📰 source: theguardian_business · 💼 business

the "burnham bounce" lifted uk consumer confidence in june, with gfk reporting the fastest monthly gain in almost three years. andy burnham's return to westminster, along with sunshine and a world cup run, helped. but the data shows a split: over-65s are gloomier, while 16-29 year olds are more optimistic despite high youth unemployment. inflation fell to 2.6%, but the cost of living crisis persists. the richest fifth increased weekly spending by 10%, the poorest by just 5%. consumer services output is still 6% below pre-pandemic. the bank of england's high rates squeeze borrowers, but many older homeowners are mortgage-free. household saving ratio is 8.9%, but savings are concentrated in affluent areas. with the middle east conflict expected to stoke inflation, the bounce may deflate unless policymakers focus on struggling households.

why it matters: uk consumer confidence boost hinges on supporting poorest households amid persistent inequality and inflation risks.

source: theguardian_business
sentiment: -0.20 · impact: 0.40

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