Everyday in the UK
Personal Debt in the UK
The population of the UK grew by an estimated 990 people a day between 2018 and 2019.
- On average, a UK household spends £4.16 a day on water, electricity, and gas.
- 230 people a day were declared insolvent or bankrupt in England and Wales in June to August 2020. This was equivalent to one person every 6 minutes and 16 seconds.
- In Northern Ireland, there were 4.8 insolvencies per day and in Scotland 21.5 insolvencies per day.
- Citizens Advice Bureaux in England and Wales dealt with 2,033 debt issues every day in the year to July 2020.
- 1 property were repossessed every day in April to June 2020 in the UK, or one every 24 hours and 15 minutes.
- The number of UK mortgages with arrears of over 2.5% of the remaining balance fell by 7 a day.
- The number of people unemployed in the UK grew by 1,500 per day in the three months to August 2020.
- 2,467 people a day reported they had become redundant in June to August 2020.
- Net lending to individuals and housing associations in the UK grew by £99.4 million a day in August 2020.
- Government debt increased by £624 million a day in the year to August 2020.
- Borrowers paid £124 million a day in interest in August 2020.
- It costs an average of £22.92 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 £28.16 per day.
- 2 mortgage possession claims and 2 mortgage possession orders were made every day in England and Wales in April to June 2020.
- 33 landlord possession claims and 7 landlord possession orders were made every day
Arising from Coronavirus pandemic
-9.2% Amount the UK economy shrank from February to August 2020 (ONS).
6.8 million Number of employees furloughed as on 30 June 2020 (HMRC). At the peak (8 May 2020) 8.9 million were furloughed.
+49,000 Increase in official unemployment of people aged 18-24 in the three months to July 2020 (ONS).
-238.000 Fall in employment of 18-24 year olds between February and August 2020 (ONS).
1.9 million Number of mortgage deferrals offered by UK lenders up to June 2020 (one-sixth of all mortgages) (UK Finance).
27 million Number of interest-free overdrafts offered by UK lenders up to June 2020 (UK Finance).
87% Proportion of those earning £50,000+ per year who receive full pay when off work due to illness (TUC/BritainThinks).
34% Proportion of those earning up to £15,000 per year who receive full pay when off work due to illness (TUC/BritainThinks).
-34.3% Fall in cash machine transactions in the year to September 2020.
227,000 Number of redundancies in the three months to August 2020 (ONS).
28.1% Internet sales as proportion of all retail sales in August 2020 (up from around 20% at the beginning of 2020) (ONS).
227,000 Number of private renters who have fallen into arrears since the beginning of the pandemic and are at risk of eviction (Shelter).
+ 2 million Increase in the number of people with ow financial resilience since February 2020 (FCA).
31% Proportion of adults experiencing reduced income as a result of the pandemic, with income falling by a quarter on average (FCA).
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
If you would like further information on Corporate or Personal debt solutions please contact Griffin & King Insolvency Practitioners on 01922 722205, and speak to Tim, Mark or Janet.
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