Overall consumer confidence was up two points compared with January, GfK said, based on interviewing carried out between 31^st January and 13^th February with 2,011 UK adults.

The results stand in contrast to January, when all five core measures were down on the prior month.

The February index saw the measure covering changes in personal finances during the last year increase three points to a score of -7, which was seven points better than in February 2024.

The forecast for personal finances over the next 12 months was up four points with a positive score of two, and a two-point improvement on this time last year.

The measure for the general economic situation of the country during the last 12 months rose two points to -44, albeit still one point lower than in February 2024.

Expectations for the general economic situation over the next year improved three points to -31, but was still seven points worse than this time last year.

The Major Purchase Index, which examines whether now is the right time to make a major acquisition, was up three points to -17 and was eight points better off than February 2024.

The Savings Index stayed at a positive score of 30 in February, and was one point higher than this time last year.

Neil Bellamy, consumer insights director at NIQ GfK, said: “The Bank of England interest rate cut on 6^th February will have brightened the mood for some people, but the majority are still struggling with a cost-of-living crisis that is far from over.

“Prices are still rising above the Bank of England’s target; gas and electricity bills remain a challenge for many households. So, it’s no surprise that consumer views on the general economic situation are still lower than 12 months ago, suggesting that people don’t expect the economy to show any dramatic signs of improvement soon.

“Politicians looking for bright spots on the horizon will be disappointed.”