U.K. consumers were slightly less gloomy this month about expectations for their personal finances after the Bank of England cut its key interest rate, although the outlook for the economy continued to be a source of pessimism.

Research group GfK’s monthly survey saw consumer confidence tick up to minus 20 in February from minus 22 in January. The result was a little better than economists’ expectations for it to remain at last month’s level. January’s reading reflected the worst sentiment since August 2023.