We offer a range of high quality accounting, financial and business services in and around Milton Keynes.

Nine million people borrowed more in 2020 as result of COVID-19 pandemic

22 Jan 2021

Almost nine million people had to borrow more money in 2020 as a result of the coronavirus (COVID-19) pandemic, data published by the Office for National Statistics (ONS) has revealed.

According to the ONS, the proportion of workers borrowing £1,000 or more increased from 35% to 45% since June 2020. It found that the self-employed were more likely to borrow money than employees.

The ONS suggested that young people and low earners have been affected the most by the COVID-19 pandemic. It added that individuals aged under 30 were 35% more likely to be furloughed than the population as a whole.

Commenting on the data, Gueorguie Vassilev, Senior Research Officer at the ONS, said: 'Many people took a financial hit in the first months of the pandemic, either being furloughed or working fewer hours.

'What we are seeing now though is a widening financial gap between households, where some people are relying on savings or borrowing to make ends meet. Those hardest hit are people on low pay, young people and parents of dependent children.'

Register

Why not register to receive our monthly newswire? This is packed full of essential business news and handy tax tips to help save you money.

Learn more

Tax Calendar

Our handy tax calendar provides an overview of the key tax dates for your diary.

Learn more

Calculators

B2B’s interactive tax calculators can be used to calculate VAT due, the taxable benefits on your company car and how much your savings are worth.

Learn more

Home | About us | Contact us | Logon | Register | Accessibility | Disclaimer | Help | Site map |

© 2021 B2B Business Advisors Limited. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Chartered Tax Adviser

Registered in England, Company Registration number – 7906656. Registered Office – 58b High Street, Stony Stratford, Milton Keynes, MK11 1AQ. Registered with the Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry out audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.