Few people in Britain believe the country’s economy is performing well, and a sizeable proportion of respondents expect the situation to worsen, a new Angus Reid Public Opinion poll has found.
Nine-in-ten respondents foresee higher petrol prices, and only 11 per cent describe the current economic conditions as “good.”
Few people in Britain believe the country’s economy is performing well, and a sizeable proportion of respondents expect the situation to worsen, a new Angus Reid Public Opinion poll has found.
In the online survey of a representative sample of 2,021 British adults, 86 per cent of respondents (+4 since September) describe the United Kingdom’s economy as being in poor or very poor condition, while only 11 per cent (-3) describe it as good or very good.
Three-in-five respondents (59%) continue to rate their personal finances as poor. While 11 per cent of Britons expect the UK economy to improve over the next six months, 41 per cent foresee a decline—including 57 per cent of respondents in Scotland.
More than half of respondents (55%) believe the recession will not be over until after 2011, while 16 per cent foresee the end of the downturn in 2011.
Concerns, Inflation and Debt
Unemployment remains the top concern among Britons (40% have worried frequently or occasionally about someone in their household losing their job), followed by the value of investments and savings (both at 32%), being able to pay the mortgage or rent (30%), and employers facing serious financial problems (23%).
Inflation remains an issue for Britons, with large majorities of respondents expecting the price of petrol (81%) and groceries (85%) to go up in the next six months. Many respondents also think that a new car (55%) and a new TV (42%) will cost more in the next six months. More than a third of Britons (37%) expect property prices to fall in the next six months.
If respondents were given an additional £1,000, a large amount of money would be spent on paying back debts (£263) and saving in a bank account (£212). Covering day to day expenses is next on the list with £154, followed by investing in an ISA with £126, spending on personal items with £114, setting aside funds for a big purchase with £114, and buying shares in a particular company with £24.
The UK Economy Compared to Others
At least two-in-five respondents say Britain’s economy is in worse shape than the economies of China (54%), Canada (43%), Australia (43%), Japan (42%) and Germany (41%). Fewer respondents think the UK economy is in worse shape than that of France (22%) and the United States (26%).
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Full Report, Detailed Tables and Methodology (PDF)
Mario Canseco, Vice President, Communications & Media Relations
+877 730 3570
mario.canseco@angus-reid.com
Methodology: From October 24 to October 26, 2010, Angus Reid Public Opinion conducted an online survey among 2,021 randomly selected British adults who are Springboard UK panelists. The margin of error—which measures sampling variability—is +/- 2.2%. The results have been statistically weighted according to the most current education, age, gender and region data to ensure samples representative of the entire adult population of Great Britain. Discrepancies in or between totals are due to rounding.
