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Surge In Imports Dragged On GDP Says ING

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UK consumer confidence increased above its pre-pandemic level in July and the Gfk index now in a run of six straight months without a backwards step, data published Friday showed. "Personal finance expectations for the next year remain strong and there's a dramatic jump this month in our major purchase sub-measure with shoppers agreeing that now is the 'right time to buy'," said Joe Staton, group Client Strategy Director.

Consumer confidence rose to -7 in July, up from -9 recorded in the past two months. July's uptick was driven by a 7pt jump of the major purchase index to +2, followed by a 4pt gain of household's assessment of the past economic situation.

However, consumers were concerned about the state of the economy in the coming months, as the index fell 3pt. "Threats from increasing consumer price inflation, COVID variants and rising infection figures, the looming end of furlough and the Job Retention Scheme, could put the brakes on this rebound," Staton added.

Source: Gfk