World Cup win to boost business confidence as England edge closer to final

The UK will be hoping for an economic boost from consumer spending as England moves on to the semi-finals of the World Cup, beating Sweden in a comfortable 2-0 win this afternoon.

Goals from Harry Maguire and Deli Alli pushed England into the last four of the Fifa World Cup for the first time in 28 years, as the team saw off opponents Sweden in the Russian city of Samara.

Alistair Wilson, savings expert at Zurich UK, said: “A Mexican wave of optimism is sweeping the nation, driving increased spending on everything from replica football kits to alcoholic drinks and widescreen TVs.”

Wilson added: “Success for England in the World Cup could end years of agony for football fans and savers alike. UK savers have endured a decade of near non existent returns on their cash but the feel good factor from the World Cup could help to push rates up.”

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The UK economy was predicted to see a £1.33bn boost from playing the World Cup, but that figure was expected to rise to £2.72bn if England can make it to the final, according to recent figures from the Centre for Retail Research (CRR).

Around 85 per cent of England fans are expected to watch matches at home, with the CRR saying they are likely to fork out a total of about £1.2bn on food and drink if the England team gets to the final.

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The hard-fought victory will be welcomed by the governor of the Bank of England, Mark Carney, who said at a business summit last week that winning the world cup would give the UK an “unadulterated” boost.

Bank of England chief economist Andy Haldane, who surprised the City by voting in a minority to raise interest rates last week, has also said that a World Cup run could add to the “feel-good factor” among consumers.