Striking Numbers August 2021

Everyday in the UK

Personal Debt in the UK

The population of the UK grew by an estimated 777 people a day between 2019 and 2020.

  • On average, a UK household spends £4.33 a day on water, electricity, and gas.
  • 298 people a day were declared insolvent or bankrupt in England and Wales in May 2021 to July 2021. This was equivalent to one person every 4 minutes & fifty seconds.
  • In Northern Ireland in July 2021, there were 4.6 insolvencies per day and in Scotland in the three months to June there was 20.7 insolvencies per day.
  • Citizens Advice Bureaux in England and Wales dealt with 1,828 debt issues every day in the year to July 2021.
  • 2.3 properties were repossessed every day in April to June 2021 in the UK, or one every 10 hours and 24 minutes.
  • The number of UK mortgages with arrears of over 2.5% of the remaining balance rose by 15 a day in the year to March 2021.
  • The number of people unemployed in the UK grew by 529 per day in the twelve months to June 2021.
  • 1,088 people a day reported they had become redundant in April to June 2021.
  • Net lending to individuals and housing associations in the UK grew by £593.6 million a day in June 2021.
  • Government debt increased by £573 million a day in the year to July 2021.
  • Borrowers paid £123 million a day in interest in June 2021.
  • It costs an average of £23.25 per day for a couple to raise a child from birth to the age of 18.
  • For a lone parent family, the cost of raising a child comes to £28.22 per day.
  • 27.5 mortgage possession claims and 3.0 mortgage possession orders were made every day in England and Wales in April to June 2021.
  • 77 landlord possession claims and 49.5 landlord possession orders were made every day.

Reports continue to be published showing the impact of Covid-19 on the financial health of the country and individual households. The following are some of the new findings that have been published during the last month:

One-third Proportion of working-age households in the North East who will be affected by the £20 per week cut in Universal Credit due to take place on 6 October 2021. (Citizens Advice Newcastle)

7+ million Number of people worried that they will not be able to afford their Council Tax bills in the coming year. Council Tax arrears already amount to £4.4 billion. (Money Advice Trust)

281,380 Number of people referred to bailiffs by councils in 2020-21 for collection of Council Tax arrears. Of these, 93,031 referrals related to arrears built up during 2020-21. (Observer newspaper based on Freedom of Information Act requests)

15 million Number of households who will see their energy bills increase in October 2021 as a result of Ofgem raising the energy price cap by £139 -£153 per year in response to wholesale energy price increases. Households coming off fixed price deals are also expected to face steep increases. (Citizens Advice, BBC and other reports)

17.7 million Number of UK adults who describe themselves as being in a vulnerable situation in 2020-21. In the past year, 9 million have struggled to cope with finances and managing money, 13.1 million have experienced mental health difficulties and 8.8 million have been impacted by an adverse life event such as a bereavement, job loss or breakdown of a relationship. (Vulnerability Registration Service)

57% Proportion of people in vulnerable situations who found it took more that two weeks to successfully notify organisations of their health situation. This rose to 71% of those with low levels of confidence on financial matters or low levels of English skills. (Vulnerability Registration Service)

1.9 million Number of staff on furlough on 30 June 2021, down from 5 million in January 2021. At the end of June 2021, the highest numbers of furloughed workers were in hospitality, wholesale and retail trade, administrative and support services, manufacturing and professional, scientific and technical services. (HMRC)

Statistics Source: http//www.themoneycharity.org.uk

We have assisted many people with personal debt in the UK – view our testimonials here https://www.griffinandking.co.uk/testimonials.php