People more confident about their finances than economy post-Brexit, says Lloyds

Shoppers are more confident about their personal finances than they are about the British economy since the Brexit vote, according to a report.

Lloyds bank’s spending power report, which was conducted with Ipsos Mori, found that about 70% of consumers thought their personal financial situation was positive in July.

About 62% of the people surveyed thought the country’s economy was not doing well, compared to 55% who felt negative about the economy in June.

Lloyds managing director Robin Bulloch, said: “What’s interesting is that people are more negative about the general economic outlook since the UK voted to leave the EU but feel more positive about their own personal circumstances.

“For now at least consumers seem intent on putting any fears of a wider economic slowdown to one side and carry on spending,”

The report, which surveyed 2,000 people, found that spending on food, drink, rent and utility bills rose by 0.1% from last year, the first rise since November 2014.

Half of respondents were negative about the UK’s employment situation, compared to 46% in June, however three quarters were positive about their own job security.

The Bank of England lowered interest rates to 0.25% from 0.5% in August to stimulate the economy after forecasts of a slowdown and a potential recession.