TNS interviewed a quota sample of people aged 16 and over in 368 randomly selected output areas or group of output areas (sample points) throughout the United Kingdom; 2151 people between 5 and 9 May 2017. 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 2.8%, compared to 2.7% in February.
Question 2a: Median expectations of the rate of inflation over the coming year were 2.8%, compared with 2.9% in February.
Question 2b: Asked about expected inflation in the twelve months after that, respondents gave a median answer of 2.8%, compared with 2.7% in February.
Question 2c: Asked about expectations of inflation in the longer term, say in five years’ time, respondents gave a median answer of 3.3%, compared to 3.2% in February.
Question 3: By a margin of 50% to 9%, survey respondents believed that the economy would end up weaker rather than stronger if prices started to rise faster, compared with 46% to 9% in February.
Question 4: 52% of respondents thought the inflation target was ‘about right’, down from 55% in February, while the proportions saying the target was ‘too high’ or ‘too low’ were 20% and 11% respectively.
Question 5: 18% of respondents thought that interest rates had fallen over the past 12 months, compared with 22% in February, while 22% of respondents said that interest rates had risen over the past 12 months, compared with 21% in February.
Question 6: When asked about the future path of interest rates, 31% said rates might stay about the same over the next twelve months, compared with 28% in February. 42% of respondents expected rates to rise over the next 12 months, unchanged since February.
Question 7: Asked what would be ‘best for the economy’ – higher interest rates, lower rates or no change – 20% thought rates should ‘go up’, compared with 21% in February. 15% of respondents thought that interest rates should ‘go down’, compared to 12% in February. 37% thought interest rates should ‘stay where they are’, unchanged since February.
Question 8: When asked what would be ‘best for you personally’, 22% of respondents said interest rates should ‘go up’, compared with 23% in February. 27% of respondents said it would be better for them if interest rates were to ‘go down’, up from 23% in February.
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 +25%, down from +30% in February.