Everyday in the UK
Personal Debt in the UK
The population of the UK grew by an estimated 777 people a day between 2022 and 2023.
- On average, a UK household spends £3.96 a day on water, electricity, and gas.
- 264 people a day were declared insolvent or bankrupt in England and Wales in December 2022 to February 2023. This was equivalent to one person every 5 minutes & 28 seconds.
- In Northern Ireland in January 2023, there were 4.0 insolvencies per day and in Scotland in the three months to December 2022 there was 21.4 insolvencies per day.
- Citizens Advice Bureaux in England and Wales dealt with 2,125 debt issues every day in the year to February 2023.
- 5.4 properties were repossessed every day in October to December 2022 in the UK, or one every 4 hours and 25 minutes.
- The number of UK mortgages with arrears of over 2.5% of the remaining balance rose by 12.2 a day in the year to December 2022.
- The number of people unemployed in the UK fell by 255 per day in the twelve months to January 2023.
- 1,076 people a day reported they had become redundant in October to December 2022.
- Net lending to individuals and housing associations in the UK grew by £157 million a day in January 2023.
- Government debt increased by £389 million a day in in the three months to February 2023.
- Borrowers paid £156 million a day in interest in January 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.
- 34.4 mortgage possession claims and 27.0 mortgage possession orders were made every day in England and Wales in October to December 2022.
- 222.4 landlord possession claims and 175.6 landlord possession orders were made every day.
The percentage of households in England and Wales who report that mains gas central heating was the only central heating source in their home (ONS).
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:
The monthly shortfall between the basic benefits received by low-income households and the real cost of food, energy and everyday basics (Joseph Rowntree Foundation).
The percentage of UK adults who report that their mental health has worsened as a result of the cost of living crisis (38 Degrees).
The amount the Government borrowed in February 2023. This is £9.7 billion more than in February 2022 and the highest amount borrowed in any February since records began 30 years ago (ONS).
The proportion of UK adults who report that they haven’t been able to afford to turn the heating on when they’ve felt cold at home (38 Degrees).
The annual amount that workers in the UK are worse-off by, due to stagnations in pay growth since 2008 (The Resolution Foundation).
The percentage of UK adults who have missed a rent repayment in the last six months. 24% have missed a credit payment and 32% have missed a bill payment (38 Degrees).
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