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.
- 306 people a day were declared insolvent or bankrupt in England and Wales in July 2021 to September 2021. This was equivalent to one person every 4 minutes & 42 seconds.
- In Northern Ireland in September 2021, there were 4.1 insolvencies per day and in Scotland in the three months to June 2021 there was 20.7 insolvencies per day.
- Citizens Advice Bureaux in England and Wales dealt with 1,906 debt issues every day in the year to September 2021.
- 2.3 properties were repossessed every day in April to June 2021 in the UK, or one every 10 hours and 24 minutes.
- The number of UK mortgages with arrears of over 2.5% of the remaining balance rose by 4 a day in the year to June 2021.
- The number of people unemployed in the UK grew by 90 per day in the twelve months to August 2021.
- 1,076 people a day reported they had become redundant in June to August 2021.
- Net lending to individuals and housing associations in the UK grew by £150 million a day in August 2021.
- Government debt increased by £437 million a day in the year to September 2021.
- Borrowers paid £123 million a day in interest in August 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.
- 27.5 mortgage possession claims and 3.0 mortgage possession orders were made every day in England and Wales in April to June 2021.
- 77 landlord possession claims and 49.5 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. In the last month, news of the impact on household budgets has been dominated by changes to Universal Credit, energy prices, transport costs and general inflation (see page 19):
Statistics Source: http//www.themoneycharity.org.uk
- In early October, the energy price cap rose by £139 (+12%) (£153, or +13% for those on prepayment meters), while the £20 per week boost to Universal Credit was removed (BBC, Sky News and Resolution Foundation).
- 4.4 million households on Universal Credit will see their energy bills rise significantly in October 2021 (Citizens Advice).
- According to the Resolution Foundation, one-fifth of working households on means-tested benefits and one-tenth of working households not on means-tested benefits were in fuel poverty before the pandemic. Fuel poverty is defined as where a household spends more than 10% of their income on fuel or where their income is below the poverty line after paying their energy bill (Turn2us and Department for Energy and Climate Change).
- One development during the pandemic has been the rapid growth of Buy Now Pay Later as a means of payment, with millions of shoppers choosing this option. Research by Citizens Advice found that £39 million in late fees were charged over the last year. Late fees are charged by some BNPL providers where consumers fail to make payments by the due date (Citizens Advice, MailOnline, MoneySavingExpert).
- Between March and September 2021, petrol prices increased by 7.9% (from 125.3 pence per litre to 135.2 ppl). In the year to September 2021, the transport component of the Consumer Prices Index increased by 8.4% (ONS, AA).
- The Bank of England has forecast that inflation overall could hit 4% by the end of 2021 (Bank of England).
Statistics Source: http//www.themoneycharity.org.uk
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