People are more confident about the state of the economy than at any other time since 2011.
Lloyds Bank’s spending power index climbed to a record high score of 158 in March, according to figures published today. This marks a four point gain on February’s 154 and is now the highest since the index began in January 2011.
Consumers reported an improvement in their personal and household finances. People were also more upbeat about the jobs market and the country’s financial situation.
“As a stronger economic backdrop continues to develop, consumers are becoming more confident in both their own financial situation, and the country’s,” said Lloyds Bank’s chief economist Patrick Foley.
“And while political uncertainty looks likely to rise following the general election, household sentiment should be supported by the modest pickup in wage growth that seems to be unfolding. This suggests the UK’s economic prospects remain bright.”
Tomorrow will see the release of the first official estimate of UK economic growth for the first three months of the year, the last growth figures before the General Election.