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.
- 313 people a day were declared insolvent or bankrupt in England and Wales in August 2021 to October 2021. This was equivalent to one person every 4 minutes & 37 seconds.
- In Northern Ireland in October 2021, there were 3.3 insolvencies per day and in Scotland in the three months to September 2021 there was 20.8 insolvencies per day.
- Citizens Advice Bureaux in England and Wales dealt with 1,910 debt issues every day in the year to October 2021.
- 4.5 properties were repossessed every day in July to September 2021 in the UK, or one every 5 hours and 23 minutes.
- The number of UK mortgages with arrears of over 2.5% of the remaining balance rose by 1.8 a day in the year to September 2021.
- The number of people unemployed in the UK fell by 548 per day in the twelve months to September 2021.
- 1,130 people a day reported they had become redundant in July to September 2021.
- Net lending to individuals and housing associations in the UK grew by £182 million a day in September 2021.
- Government debt increased by £429 million a day in the year to October 2021.
- Borrowers paid £123 million a day in interest in September 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.
- 30.8 mortgage possession claims and 13.4 mortgage possession orders were made every day in England and Wales in July to September 2021.
- 111 landlord possession claims and 60.9 landlord possession orders were made every day.
Arising from Coronavirus pandemic
Policy decisions and economic trends continue to be affected by the impact of the Coronavirus pandemic. This month we focus on the unusual state of the labour market.
With the economy recovering from the effects of the pandemic, the UK labour market has dramatically tightened, with unemployment falling to 4.3% of the workforce and vacancies rising to a record 1.172 million (ONS). There have been many news reports of labour shortages, for example of drivers and workers in the agricultural, retail, hospitality and health sectors. What lies behind this is a trend-change in the number of people economically active in the UK, as shown in the chart below. “Total economically active” includes those with jobs and those who are unemployed.
Source: ONS
The total number of economically active people in the UK grew from 32.7 million in January 2014 to 34.4 million in February 2020, but then fell to 34.0 million as at September 2021. The number of “economically inactive” people increased by 600,000 during the pandemic, but one-third of these were of retirement age, leaving about 400,000 of working age who could perhaps be attracted back into the workforce (1.2% of the total workforce). Prior to February 2020, the UK’s population was growing strongly (by two million between 2014 and 2020), but with Brexit and Covid, this source of growth has stopped. Total population aged 16-64 fell by around 100,000 between February 2020 and September 2021, according to ONS.
The Government and Bank of England have supported demand for goods and services in the UK through furlough, loans, spending and low interest rates. Combine this with the falling number of economically active people and this explains why the UK labour market is so tight.
Statistics Source: http//www.themoneycharity.org.uk
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