Credit, Collections & Insolvency News
A new survey by KPMG has highlighted the impact of the rising cost of living on consumer spending with consumers expected to spend £82.80 more each month on bills and taxes. With the cost of living squeeze tightening, KPMG asked 3000 consumers about their 2022 purchasing and their spending intentions for the rest of the…
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Latest ONS updates have highlighted that input price inflation for businesses has surpassed 19% reaching its highest point on record with the consumer prices index also hitting 7%. Commenting on the rise Federation of Small Businesses (FSB) National Chair Martin McTague, said “It’s been decades since we’ve seen input costs surging at this kind of unmanageable rate.” “The discrepancy…
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The new level of state pension payments which has come into effect today will see the full new state pension rise to £185.15 from £179.60 a week. The basic state pension full amount has risen from £137.60 to £141.85 – a rise of 3.1%, compared with a current inflation rate of 6.2%. That’s an extra…
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The latest UK economic outlook from PwC predicts inflation will hit 8.4% later this year. PWC says that the rise in living costs will wipe 2% off household incomes, equivalent to about £900 or as much as £1,300 for the poorest families. If the Ukraine crisis worsens, inflation could peak at 11%. It is predicted…
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Over 1.2 million subscription payments have been cancelled since the summer of last year as households feel the squeeze of the cost of living crisis, research from Lloyds Bank shows. Popular TV, film and music streaming services made up almost half (47.1%) of regular payments cancelled, with households taking further stock of their discretionary spending,…
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StepChange Debt Charity’s 2021 Statistics Yearbook, has shown that even before the latest rise in general inflation and the rise in the energy price cap, households in the UK experiencing problem debt were already facing a cost of living crisis. In 2021, StepChange was contacted by almost half a million (483,247) new clients seeking debt…
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With social security payments now lagging far behind inflation, researchers at IPPR warn that the cost of living crisis will push many vulnerable benefit claimants into hardship and destitution, without a serious boost to benefit payments and an end to inappropriate conditions and excessively punitive sanctions that limit payments. After a pandemic induced drop-off, new…
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New research by GoCompare has revealed that the UK’s young people may be the generation are most likely to need to work more and take on additional jobs, in order to cover rising bills and the cost of living. The survey of 2,149 people in the UK found that more than 1 in 5 people…
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The soaring cost of living is cited by over a half a million people as a key driver for personal debt, new analysis from Citizens Advice Scotland (CAS) has revealed. Analysis by the charity of polling undertaken by YouGov found that 52 per cent of Scottish adults in debt or at risk of debt since…
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Latest ONS figures have highlighted the impact of increased cost of living with adults not being able to afford an unexpected expenses. The figures showed that over 8 in 10 (83%) adults reported an increase in their cost of living in March 2022 compared with around 6 in 10 (62%) adults in November 2021. Early…
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The Office For National Statistics (ONS) has today revealed its estimates of household incomes and inequality in the UK for the financial year ending 2021. For the financial year 2021, median income of the poorest fifth of people fell by an average of 2%, while the richest fifth of people fell by 1%. Whilst disposable income inequality…
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Nine in ten (95%) of adults are concerned about the rising cost of living, with households across the earnings spectrum worried with as much concern among those with six-figure incomes as lower-earners according to new research by mutual insurer, Royal London. Women are the most worried, with a third (33%) mentioning they are extremely worried…
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The poorest households could see their cost of living jump by as much as 10% by this autumn, the Resolution Foundation think-tank has warned. The Foundation says that rising food and energy prices risk driving a second inflation spike this autumn that could reach over ten per cent for poorer households – significantly higher than…
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