TNS interviewed a quota samples of people aged 16 and over in 368 randomly selected output areas or group of output areas (sample points) throughout the United Kingdom; 2117 people between 5 and 9 August 2016. The raw data were weighted to match the demographic profile of the UK as a whole.
Highlights from the survey
- Question 1: Asked to give the current rate of inflation, respondents gave a median answer of 1.8%, compared to 2.2% in May.
- Question 2a: Median expectations of the rate of inflation over the coming year were 2.2%, compared with 2.0% in May.
- Question 2b: Asked about expected inflation in the twelve months after that, respondents gave a median answer of 2.2%, unchanged since May.
- Question 2c: Asked about expectations of inflation in the longer term, say in five years’ time, respondents gave a median answer of 3.0%, compared to 3.4% in May.
- Question 3: By a margin of 44% to 10%, survey respondents believed that the economy would end up weaker rather than stronger if prices started to rise faster, compared with 47% to 10% in May.
- Question 4: 55% of respondents thought the inflation target was ‘about right’, up from 54% in May, while the proportions saying the target was ‘too high’ or ‘too low’ were 18% and 7% respectively.
- Question 5: 36% of respondents thought that interest rates had fallen over the past 12 months, compared with 13% in May, while 14% of respondents said that interest rates had risen over the past 12 months, compared with 21% in May.
- Question 6: When asked about the future path of interest rates, 36% said rates might stay about the same over the next twelve months, up from 32% in May. 21% of respondents expected rates to rise over the next 12 months, down from 41% in May.
- Question 7: Asked what would be ‘best for the economy’ – higher interest rates, lower rates or no change – 20% thought rates should ‘go up’, down from 21% in May. 15% of respondents thought that interest rates should ‘go down’, compared to 16% in May. 36% thought interest rates should ‘stay where they are’, compared to 37% in May.
- Question 8: When asked what would be ‘best for you personally’, 23% of respondents said interest rates should ‘go up’, compared with 22% in May. 22% of respondents said it would be better for them if interest rates were to ‘go down’, down from 26% in May.
- Question 14: Respondents were asked to assess the way the Bank of England is ‘doing its job to set interest rates to control inflation’. The net satisfaction balance – the proportion satisfied minus the proportion dissatisfied – was +34%, up from +32% in May.
Summary results