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 £4.31 a day on water, electricity, and gas.
- 311 people a day were declared insolvent or bankrupt in England and Wales in June 2022 to August 2022. This was equivalent to one person every 4 minutes & 38 seconds.
- In Northern Ireland in April 2022, there were 4.0 insolvencies per day and in Scotland in the three months to June 2022 there was 22.4 insolvencies per day.
- Citizens Advice Bureaux in England and Wales dealt with 2,052 debt issues every day in the year to August 2022.
- 6.9 properties were repossessed every day in April to June 2022 in the UK, or one every 3 hours and 28 minutes.
- The number of UK mortgages with arrears of over 2.5% of the remaining balance rose by 21.5 a day in the year to June 2022.
- The number of people unemployed in the UK fell by 910 per day in the twelve months to July 2022.
- 696 people a day reported they had become redundant in May to June 2022.
- Net lending to individuals and housing associations in the UK grew by £208 million a day in July 2022.
- Government debt increased by £409 million a day in the three months to August 2022.
- Borrowers paid £132 million a day in interest in July 2022.
- 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.
- 38.2 mortgage possession claims and 26.2 mortgage possession orders were made every day in England and Wales in April to June 2022.
- 200 landlord possession claims and 157.4 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:
11%
The percentage of UK adults who have reported that their energy supplier has already increased their monthly payments to a level they cannot afford (The Money Advice Trust).
£29
The amount that the lowest earning households in Northern Ireland had left per week after paying their bills and living costs, between January and March 2022 (The Consumer Council).
96%
The percentage by which domestic gas prices increased between August 2021 and August 2022. Domestic electricity prices rose by 54% during the same period (House of Commons).
10.7 million
The number of UK adults, around 20%, who have reported an increase of £100 a month or more in their energy bills since April 2022 (The Money Advice Trust).
£2,500
The price at which energy bills for households will be capped, for typical consumption across the year, as part of the government’s Energy Price Guarantee. Prior to this announcement, bills were expected to increase by 80% from 1 October 2022, reaching £3,549 (House of Commons).
15.3 million
The number of UK adults, around 29%, who say they have had to use credit to pay for essentials. This is an increase of 2.1 million people since March 2022 (The Money Advice Trust).
10.1%
The estimated peak of inflation in early 2023, revised from the previous estimate of 14%. This reduction is partly thanks to the government’s new Energy Price Guarantee (The Resolution Foundation).
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
