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 £4.13 a day on water, electricity, and gas.
- 286 people a day were declared insolvent or bankrupt in England and Wales in May 2023 to July 2023. This was equivalent to one person every 4 minutes & 18 seconds.
- In Northern Ireland in July 2023, there were 3.5 insolvencies per day. In Scotland in the three months to March 2023 there was 21.2 insolvencies per day.
- Citizens Advice Bureaux in England and Wales dealt with 2,347 debt issues every day in the year to July 2023.
- 6.7 properties were repossessed every day in April to June 2023 in the UK, or one every 3 hours and 35 minutes.
- The number of UK mortgages with arrears of over 2.5% of the remaining balance increased by 20.5 a day in the year to June 2023.
- The number of people unemployed in the UK fell by 5.2 per day in the twelve months to June 2023.
- 1,187 people a day reported they had become redundant in April to June 2023.
- Net lending to individuals and housing associations in the UK grew by £51.2 million a day in June 2023.
- Government debt increased by £415 million a day in in the three months to July 2023.
- Borrowers paid £177 million a day in interest in June 2023.
- It costs an average of £24.44 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 £29.50 per day.
- 43.8 mortgage possession claims and 8.6 mortgage possession orders were made every day in England and Wales in April to June 2023.
- 247.7 landlord possession claims and 62.2 landlord possession orders were made every day.
Arising from the current climate
The UK has undergone a significant degree of political and financial turmoil over the past few years. The pandemic and ongoing cost of living and energy crises, among other events, have affected the lives and finances of many people across the UK. Following are some striking statistics, curated over the last few weeks to reflect the situation as it evolves:
25.2%
The percentage by which gas prices fell in the month to July 2023, largely because of the lowering of the Ofgem price cap in that month. This fall was the largest recorded fall in gas prices since at least 1988, when records began. In the same period, electricity prices fell by 8.6% (ONS).
65%
The percentage of adults who report that they had been putting money into savings in the past six months. 18-24 year olds were more likely to say that they had been putting money aside than any other age group, with 80% saying they had done so in the past six months (MaPS).
36%
The percentage of adults in Great Britain paying rent or a mortgage who reported that they were finding it somewhat or very difficult to afford these payments between 9 and 20 August 2023. Among those paying for rent or a mortgage, 46% reported they had gone up in the last six months, while 3% said they were currently behind on their rent or mortgage payments (ONS).
5%
The Bank of England’s target inflation rate for the end of 2023 (the inflation rate is currently 6.8%). The eventual target rate is 2%, which the Bank of England aim to reach by early 2025 (Bank of England).
9/10
The proportion of adults surveyed by Which? who reported that they are worried about the cost of groceries. This means that food prices are now as much as a concern for consumers as energy bills (Which?).
Statistics Source: http//www.themoneycharity.org.uk
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