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 £4.28 a day on water, electricity, and gas.
- 286 people a day were declared insolvent or bankrupt in England and Wales in November 2021 to January 2022. This was equivalent to one person every 5 minutes & 2 seconds.
- In Northern Ireland in January 2022, there were 3.2 insolvencies per day and in Scotland in the three months to December 2021 there was 22.4 insolvencies per day.
- Citizens Advice Bureaux in England and Wales dealt with 1,970 debt issues every day in the year to January 2022.
- 4.2 properties were repossessed every day in October to December 2021 in the UK, or one every 5 hours and 40 minutes.
- The number of UK mortgages with arrears of over 2.5% of the remaining balance rose by 11.7 a day in the year to December 2021.
- The number of people unemployed in the UK fell by 1,088 per day in the twelve months to December 2021.
- 783 people a day reported they had become redundant in October to December 2021.
- Net lending to individuals and housing associations in the UK grew by £129 million a day in December 2021.
- Government debt increased by £625 million a day in the year to January 2022.
- Borrowers paid £122 million a day in interest in December 2021.
- 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.
- 27.9 mortgage possession claims and 18.0 mortgage possession orders were made every day in England and Wales in October to December 2021.
- 157 landlord possession claims and 74.4 landlord possession orders were made every day.
Arising from Coronavirus pandemic
During the pandemic, health, economic and policy impacts have interacted with each other. The UK is also currently facing a worsening cost of living crisis – with rising inflation arguably linked to pandemic-related economic disruption. Following are some striking numbers that have emerged in the last few weeks:
UK households are expected to see their gas and electricity bills go up by about 50% from April 2022, an increase worth about £600 for an average annual utility bill, taking the cost to almost £2000 a year (Ofgem). Gas prices on the wholesale market have soared to record highs recently, fuelled by soaring demand after the easing of lockdowns, cold weather and lower levels of wind over the summer reducing renewable energy production.
The increase in the number of people claiming universal credit since the start of the pandemic. The total number is now 2.3 million, meaning that the number of claimants has now doubled since the beginning of the pandemic (TUC).
The increase in the number of people who are classed as ‘economically inactive’, which means people who are unemployed, not looking for work or are not available for work since the start of the pandemic (ONS).
The number of UK adults who went an entire day without eating over the past month because they could not afford to put a meal on the table. Soaring energy and grocery prices, along with the removal of the £20 Covid top-up to Universal Credit in October, have had a significant impact on the food consumption of millions of people (Food Foundation).
The number of people nationally who spend more than 30% of their earnings on rent. One in three spend more than 50% of their earnings on rent. Rents in the UK have hit a 13-year high, adding further to the cost of living crisis (SpareRoom). The return of students, office workers and tourists as Covid restrictions are lifted has seen demand for rental properties increase, and dramatic increases in rent as a result.
The proportion of UK households who have struggled to pay their TV, internet and phone bills in the last year, with some having to cancel services or cut back spending on essentials such as food and clothing to make payments. Mobile, telephone and broadband bills are expected to rise as much as 10% this year (Ofcom).
Statistics Source: http//www.themoneycharity.org.uk
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