With the UK economy continuing to be volatile, inflation increasing and uncertainty surrounding Brexit, Solution Loans analysed exactly what happens in an economic minute in the UK.
Looking at areas including personal debt, household income and expenses, as well as Government spending they’ve created a 60-second snapshot of our nation’s finances.
As a nation we continue to purchase on credit, racking up a whopping £60,312 every 60 seconds in consumer car credit – that’s £1000 a second. While students go £20,396 further into debt, the UK’s consumer credit bill increases by £14,346 each minute.
We’re continuing to take out more credit while meeting existing interest payments, to the tune of £94,910 every single minute of every day.
When it comes to household spending, £30,649 leaves the nation’s wallets every minute to be spent on alcohol, tobacco or narcotics, compared to just £19,358 on health. With the cost of food continuing to increase we’re spending £152,706 every minute just to feed our families, as well as £194,916 on housing expenses and to meet rising costs of energy and fuel.
The gap between the highest earners and the rest of the country continues to grow. While the average UK household brings in just 5p every minute, a CEO of a FTSE 100 company would earn 170 times more at £8.50. In that same period, £323,439 is being held in off-shore tax free accounts – over six and a half times the amount the entire country pays in mortgage debt each minute (£47,716).
It’s not just ordinary people that continue to borrow, the general Government Gross debt is increasing by £129,556 every minute, while the Pension’s Deficit also increases by £922,849. Interestingly there is £23,592 of benefits left unclaimed every minute of every day.
