According to recent government figures, Plymouth Moorview has the worst rate of personal insolvencies in the country. With a rate of 54.9 out of 10,000 adults, the area tops the list of all constituencies in England and Wales.
Plymouth Sutton and Devonport is not too far behind with a rate of 45.6 per 10,000 adults – the highest since records were first recorded in 2002.
Overall, personal insolvencies in the UK are at their highest level since 2010. More than 115,000 people across the country were pushed over the financial cliff edge in 2018. And with numbers already reaching over 93,000 in the first three quarters of 2019, TUC predicts this year will see even more people pushed to the financial brink.
According to TUC analysis, a decade of low pay is the leading cause for pushing working families deep into the red.
Real wages in the South West still haven’t recovered to their 2008 levels – the longest pay squeeze in centuries. As a result, the average working person in the South West has lost £17,093 over the last 11 years as wages have not kept pace with rising inflation. Today, that’s £43.05 less per week for people who work in Plymouth.
Household debt has increased by a third since 2010 to a new record of £14,200. Working people are being pushed to financial breaking point
Nigel Costley, TUC regional secretary of the South West said “We are reaching a crisis point. Wages have been plummeting for more than a decade, but the cost of living continues to go up. It’s no wonder many households are turning to credit just to stay afloat. We all know that’s not sustainable in the long-run.”
“But working people are being pushed to financial breaking point – and it’s not their fault.”
“Working class families have had enough of a system that’s rigged in favour of the rich. People in Plymouth deserve better than rising debt and low-paid jobs on impossible hours that make it hard to see loved ones.”
“Whatever they say, the Conservatives Party’s is all about keeping the wealthy rich at the expense of the hard-working families.”