This press release presents the results of the Bank of England’s latest quarterly poll of public attitudes to inflation. Ipsos has conducted the poll on behalf of the Bank of England since February 2022, after Kantar previously conducted it. The poll involved interviews with a representative sample of people aged 16 to 75 across the UK, with interviews conducted between 8 and 11 November 2024.
It is important to note that the government’s social distancing restrictions have led to a change in the way polls are conducted since May 2020, with face-to-face interviews being replaced by online polls. This change in data collection has led to a systematic break in the poll series since May 2020, with some responses, such as ‘don’t know/no idea’, having fallen significantly compared to previous periods. This change reflects the design of the online poll, where the ‘don’t know/no idea’ option only appears if the respondent attempts to move on to the next question without providing an answer.
Starting with the August 2020 polls, the questionnaire designers modified the format to include the “Don’t know/no idea” option alongside the other options. This has resulted in the proportion of respondents who chose this option returning to normal levels in subsequent polls. You should take these changes into account when comparing the results of the recent polls with those conducted in May 2020 and the polls that preceded it, which relied on face-to-face interviews.
For additional details on the methodology used in the online polls since May 2020, see the annex “Methodology and notes – Online poll”, while the methodology notes for the previous polls are available in the annex “Methodology and notes – Face-to-face poll”.
Consumer Inflation and Economic Outlook poll Results in 2024
Poll Highlights
Question 1: When asked to identify the current inflation rate, respondents gave a median answer of 4.8%, down from 5.2% in August 2024.
2a: The median expectation for inflation over the next year was 3%, up from 2.7% in August 2024.
Question 2b: When asked to expect inflation in the next 12 months, respondents gave a median answer of 2.8%, up from 2.6% in August 2024.
Question 2c: When asked to expect inflation in the longer term, say in five years, respondents gave a median answer of 3.4%, up from 3.2% in August 2024.
3: By a margin of 66% to 6%, respondents believe the economy will end up It would become weaker, not stronger, if prices started rising faster, compared with 67% and 5% respectively in August 2024.
Question 4: 42% of respondents think the inflation target is “appropriate,” down from 45% in August 2024. The shares who said the target is “too high” or “too low” were 33% and 10% respectively.
Question 5: Forty-five percent of respondents said interest rates on things like mortgages, bank loans and savings have risen over the past 12 months, down from 55% in August 2024. Meanwhile, 25% of respondents thought interest rates had fallen over the past 12 months, up from 11% in August 2024.
Question 6: When asked about the future path of interest rates, 33% of respondents expected rates to rise over the next 12 months, up from 29% in August 2024. And 22% said they expected rates to stay roughly the same over the next 12 months, unchanged from 22% in August 2024.
Inflation poll: Britons have mixed opinions on interest rates
Question 7: When asked what would be “better for the economy” — higher interest rates, lower rates, or no change — 11% thought rates should “rise,” up from 9% in August 2024. 41% of respondents thought interest rates should to “decline”, from 11% in August 2024. To 42% in August 2024. 27% believe interest rates should “stay where they are”, down from 28% in August 2024.
Question 8: When asked what would be “best for you personally,” 24% of respondents said it would be better for them to “rise” interest rates, up from 23% in August 2024. 33% of respondents said it would be better for them to “rise” Interest rates fall, unchanged from 33% in August 2024.
Question 9: The survey asked respondents to rate how the Bank of England is “doing its job” of setting interest rates to control inflation. The net satisfaction balance, satisfied minus dissatisfied, was -1%, down from 4% in August 2024.
This shift in respondents’ views on interest rates suggests growing concern about the effects of monetary policy on the economy. While some believe that higher interest rates may be necessary to curb inflation, others believe that lower rates may be more beneficial to stimulate economic growth and support purchasing power. Given these divisions, it is increasingly important for the Bank of England to address these challenges through carefully considered policies that strike a balance between fighting inflation and stimulating economic growth.
The data also suggests a marked decline in public satisfaction with the Bank of England’s approach to interest rates, reflecting a general dissatisfaction with the effectiveness of its actions so far. This may be due to the ongoing challenges facing the UK economy, such as rising living costs and slow economic growth.
