Nearly 9m people in UK increased their borrowing in 2020, says ONS

Industry News | 22/01/21

Almost 9 million people, many of them among Britain’s poorest, were forced to increase their borrowing last year to cope with the pandemic, according to figures that illustrate the damaging effect of the first two lockdowns on the finances of vulnerable households.

The Office for National Statistics (ONS) found that the proportion of this group borrowing £1,000 or more increased from 35% to 45% since June, and its statisticians are warning of a widening financial gap that is particularly affecting those on low pay, the self-employed and parents with school-age children.

Source: The Guardian