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; 2097 people between 3 and 7 November 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 2.9%, compared to 2.8% in August.
Question 2a: Median expectations of the rate of inflation over the coming year were 2.9%, compared with 2.8% in August.
Question 2b: Asked about expected inflation in the twelve months after that, respondents gave a median answer of 2.9%, compared with 2.7% in August.
Question 2c: Asked about expectations of inflation in the longer term, say in five years’ time, respondents gave a median answer of 3.5%, compared to 3.4% in August.
Question 3: By a margin of 52% to 9%, survey respondents believed that the economy would end up weaker rather than stronger if prices started to rise faster, compared with 53% to 7% in August.
Question 4: 52% of respondents thought the inflation target was ‘about right’, up from 50% in August, while the proportions saying the target was ‘too high’ or ‘too low’ were 20% and 11% respectively.
Question 5: 5% of respondents thought that interest rates had fallen over the past 12 months, compared with 15% in August, while 46% of respondents said that interest rates had risen over the past 12 months, compared with 23% in August.
Question 6: When asked about the future path of interest rates, 17% said rates might stay about the same over the next twelve months, up from 32% in August. 63% of respondents expected rates to rise over the next 12 months, up from 42% in August.
Question 7: Asked what would be ‘best for the economy’ – higher interest rates, lower rates or no change – 25% thought rates should ‘go up’, up from 18% in August. 14% of respondents thought that interest rates should ‘go down’, compared to 16% in August. 35% thought interest rates should ‘stay where they are’, down from 37% in August.
Question 8: When asked what would be ‘best for you personally’, 25% of respondents said interest rates should ‘go up’, compared with 23% in August. 25% of respondents said it would be better for them if interest rates were to ‘go down’, down from 26% in August.
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 +31%, up from +24% in August.