SURVEY: COVID-19 Hits British households Hard Again

With updated May report, The Financial Health of British households has deteriorated due to the COVID-19 pandemic.

This was contained in the report of a research by the IHS Markit, released on Monday.

It said Household Finance Index rose in May to 37.8 from a 34.9 in April, lowest in more than eight years.

The data was based on a survey of 1,500 people.

It was conducted by Ipsos MORI between May 7 and May 10.

Joe Hayes, IHS Markit economist noted that the financial toll of COVID-19 and the consequent public health measures had been heavy.

The expert said it was disturbing that so many survey respondents indicated concern towards job security.

“With recent survey data showing unparalleled declines in workplace activity and incomes from employment.

“This could have a significant impact on consumer spending if the negative economic impact of the pandemic is protracted,” Reuters quoted him as saying.

Official figures show that Britain’s economy shrank by a record 6 per cent in March, when the widespread lockdown began.