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The financial position of British households: evidence from the 2011 NMG Consulting survey

  • Kamath, Kishore


    (Bank of England)

  • Reinold, Kate


    (Bank of England)

  • Nielsen, Mette


    (Bank of England)

  • Radia, Amar


    (Bank of England)

Over the past year the recovery in the UK economy appears to have slowed. That weakness in UK demand has been driven by falling consumption, reflecting the challenging environment facing households. This article examines the factors affecting households’ budgets and spending decisions using the latest survey of households carried out for the Bank of England by NMG Consulting in September 2011. The survey suggests that most households had experienced an income squeeze, and credit conditions remained tight. Around half of households reported that they had been affected by, and had responded to, the fiscal consolidation. Reported levels of financial distress had remained elevated but had been contained by the low level of Bank Rate and some forbearance by lenders. Looking ahead, households were uncertain about future incomes and expected to continue to be influenced by the fiscal tightening. Households in aggregate, did not expect to change the amount they saved.

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Article provided by Bank of England in its journal Bank of England Quarterly Bulletin.

Volume (Year): 51 (2011)
Issue (Month): 4 ()
Pages: 305-318

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Handle: RePEc:boe:qbullt:0063
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  1. David S. Johnson & Jonathan A. Parker & Nicholas S. Souleles, 2004. "Household Expenditure and the Income Tax Rebates of 2001," Working Papers 136, Princeton University, Woodrow Wilson School of Public and International Affairs, Discussion Papers in Economics..
  2. Victoria Redwood & Merxe Tudela, 2004. "From tiny samples do mighty populations grow? Using the British Household Panel Survey to analyse the household sector balance sheet," Bank of England working papers 239, Bank of England.
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