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Wednesday 29th May 2024, 2:00 PM (BST)

British confidence in economic growth at 5 year high, shows study

British confidence in economic growth at 5 year high, shows study

A new poll from Ipsos Mori has revealed that British people have more confidence in the economy than at any point in the last five years.

Currently, half of the respondents said they felt positive about the state of the UK's finance. This is a dramatic rise compared to two and a half years ago, when only 13 per cent felt the same way.

Based on the 24 countries covered by the survey, it was found that 40 per cent of citizens had confidence in their nation’s economy. This means the UK is performing above the average in this area. The global average has also risen significantly since November 2012, when only 25 per cent said they were confident about their country’s finances.

Notably, British optimism about the economy has risen more than in the US, where the number of those who felt positive about it rose from 31 per cent to 43 per cent over the last two and a half years.

The increases are not unexpected, given the progress made by many of the world’s economies since the global recession of 2007 and 2008. However, differences in confidence from country to country can be an interesting measure of perceptions of local financial recovery.

In terms of our nearest neighbours, the UK is outperforming other developed European nations. Only ten per cent of the French and Italians surveyed said they were confident about their national economies. Unsurprisingly, Germany fared significantly better, with confidence levels at 78 per cent. However, Saudi Arabia topped the table, as 91 per cent of respondents said they were optimistic about the nation's finances, despite the continuing low price of oil.

In terms of emerging economies, there is significant variation among the main players: Brazil, Russia, India and China (BRIC). Only 12 per cent of Brazilians were confident about their economy, compared to 82 per cent of Indians. Interestingly, Brazil is one of the few countries to see a drop in financial confidence, down from 57 per cent three years ago.

Russia’s confidence is also relatively low at 37 per cent, although recent military action in Ukraine and the resultant sanctions are likely to have affected this.
Chinese people are also hopeful when it comes to the economy, with 72 per cent saying they are happy with its current direction. This suggests that the power of the Chinese Tiger is likely to continue for some time.

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