According to the report from IHS Markit, the headline seasonally adjusted Household Finance Index (HFI) – which measures households’ overall perceptions of financial wellbeing – registered its lowest reading in almost one year in February, declining to 43.4, from 44.7 in January. Overall, this represented a stronger deterioration of current financial wellbeing among UK households.

Year-ahead financial heath expectations were also more downbeat than in January, while job security perceptions hit their weakest for just over one year.

Latest survey data also indicated softer growth of workplace activity and income from employment. Meanwhile, living costs rose at an accelerated pace, but the rate of inflation weak relative to those seen throughout most of 2018.

The general view among UK households towards UK monetary policy was little changed in February, with the majority (79%) expectating the next move by the Bank of England to be an increase within the next two years.