Personal Debt in the UK
The population of the UK grew by an estimated 990 people a day between 2018 and 2019.
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- On average, a UK household spends £4.16 a day on water, electricity, and gas.
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- 316 people a day were declared insolvent or bankrupt in England and Wales in September to November 2020. This was equivalent to one person every 4 minutes and 34 seconds.
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- In Northern Ireland in November, there were 3 insolvencies per day and in Scotland 20.4 insolvencies per day.
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- Citizens Advice Bureaux in England and Wales dealt with 1,871 debt issues every day in the year to October 2020.
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- 1.7 properties were repossessed every day in July to September 2020 in the UK, or one every 13 hours and 48 minutes.
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- The number of UK mortgages with arrears of over 2.5% of the remaining balance fell by 9 a day.
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- The number of people unemployed in the UK grew by 2,620 per day in the three months to October 2020.
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- 4,022 people a day reported they had become redundant in August to October 2020.
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- Net lending to individuals and housing associations in the UK grew by £121 million a day in October 2020.
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- Government debt increased by £640 million a day in the year to September 2020.
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- Borrowers paid £123 million a day in interest in October 2020.
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- It costs an average of £23.25 per day for a couple to raise a child from birth to the age of 18.
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- For a lone parent family, the cost of raising a child comes to £28.22 per day.
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- 1.2 mortgage possession claims and 0.3 mortgage possession orders were made every day in England and Wales in July to September 2020.
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- 43 landlord possession claims and 1.4 landlord possession orders were made every day
Arising from Coronavirus pandemic
Reports continue to be published showing the severe impact of Covid-19 on household finances. The following new findings have been published since our round-up in November’s Money Statistics:
29% – Proportion of the self-employed who have fallen behind on at least one household bill, business bill or credit commitment due to Covid-19 (Money Advice Trust).
4 million – Self-employed people and small business owners not eligible for support from the Self-Employment Income Support Scheme (SEIS) (Money Advice Trust).
17% – Proportion of the self-employed not expecting to be able to resume mortgage payments at the end of their deferral period (Money Advice Trust). Higher proportions are expecting not to be able to pay their personal credit (32%) and business credit (39%) debts.
657,900 – The number of people claiming unemployment benefit in the North of England, the highest level since 1994 (IPPR North, State of the North 2020/21).
x 2-4 Higher Covid-19 infection rate in Local Authorities with large low-income populations from Black, Asian and minority ethnic backgrounds (The Guardian, 7 Dec 2020, based on information from Public Health England.)
Statistics Source: http://www.themoneycharity.org.uk
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