UK Recession in numbers
If you are a complete numbers and statistics geek like me, then you will find these numbers put together by Patrick Bryan extremely interesting, if not a tad frightening !
• £84m is the interest the Government has to pay each day on the UK’s net national debt of £743.6bn. This is projected to rise to £118m a day (£43bn) in financial year 2010 – 2011.
• Total UK personal debt at the end of March 2009 stood at £1,459 billion.
• Total consumer credit lending to individuals over the last 12 months ending March 2009 was £232 billion.
• Average household debt in the UK is £9,280 (excluding mortgages). This figure increases to £21,580 if the average is based on the number of households who have some form of unsecured loan.
• Average owed by every UK adult is £30,475 (including mortgages).
• During March 2009 Britain’s personal debt increased by £1 million every 50 minutes.
• 3,000 people made redundant every day and 1 in 33 people currently in work are expected to become unemployed in 2009.
• 1 property repossessed every 10 minutes.
• 1 person declared bankrupt every 4.5 minutes.
• 33,600 applications for credit have been turned down every day during the past six months.
• Citizens Advice Bureaux deal with 7,241 new debt problems every day.
• A recent poll conducted by the Resolution Foundation found that nearly 3 million people earning between £12,000 and £27,000 per year worry ‘all the time’ about their
personal finances.
• We work the first 83 days of any given year just to earn enough money to service the interest on our debts
• Total credit card debt in March 2009 was £53 billion.
• The UK collective credit limit on credit cards is £158bn, which is an average credit card limit of £5,129 per person.
• The average interest rate on credit card lending is currently 17.6%, which is at least 17.1% above current base rate.
My ONLY question is why I have to suffer with low savings interest rates because others don’t know how to manage their credit? Granted, it also means my mortgage payments have dropped dramatically, so…can’t complain TOO much.
Its because of you yanks ! thats why !
Interesting to see you have the same problems as us. Obviously the consumer debt is stupid, but both our governments going into debt is just irresponsible.
Your quite right Matt, the UK Governments answer to the recession was to borrow, and borrow to cover the borrowings. It doesn’t work like that I’m afraid. Not only did they do this but they reduced the cost of tax, that means less money coming into the Government and more going out……. all of which someone has to pay for ! Us and our Children no doubt !
The European elections are coming up and for the first time, I am not voting for anyone – I don’t see the point, I was let down by false promises at the last election and I won’t let it happen again, If I had the money I would run myself !