Nearly half of Britain’s population struggles to pay utility bills and run a household. It reports Bloomberg. Inflation is hitting its highest point in four decades and a British think tank is warning of a growing problem.
In November last year, 44 per cent of UK households had rent or energy arrears. An increase of 26 percent compared to January 2021, the Resolution Foundation concluded in a study.
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The figures are taken from a YouGov survey of 10,470 Britons to show how rising costs of living are increasing the pressure on Britons left behind by the coronavirus pandemic.
Rent increase
Private tenants are having a hard time in the UK. They experienced their steepest rent increases in a decade, with 8 percent of tenants falling behind on rent payments. In addition, about 53 percent will experience great difficulty making payments.
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Social tenants, however, fared even worse. More than 19 percent of social tenants are late paying their rent and 44 percent indicated that they have difficulty making ends meet. That is, the electronic device was not replaced, or the heater was deliberately turned off.
Mortgage
British mortgage holders are also facing an unprecedented series of rate hikes from the Bank of England. The Bank of England is likely to implement its tenth rate hike next week, raising rates to a total of 4 percent.
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