The S&P UK Consumer Sentiment Index rose 0.7 pts to 45.2 in May, a 2-month high, signaling slightly improved household sentiment, though it remains firmly in negative territory.

• For the first time since February, more households expect a rate cut (38%) than a hike (34%), shifting the policy outlook balance to -4% from +15% in April.
• The Debt Sentiment Index was little changed at 49.3; availability of unsecured credit fell to a 9-month low (49.3).
• The Spending Sentiment Index edged up to 38.2, but households remained cautious; cash availability (40.4) and views on major purchases (36.0) slightly improved.
• The Labour Market Sentiment Index increased to 52.9, the highest of 2025, supported by improved job security (50.9) and income growth (53.4).
• The Household Finance Index rose to 43.1, a 5-month high, with both current finances (40.1) and expected finances (46.0) showing modest gains.