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Britain's economic woes laid bare as borrowing surges during the lockdown

Britain's economic woes laid bare as borrowing surges during the lockdown | In the news: data in the UK Data Service collection across the web | Scoop.it
The economic carnage facing the United Kingdom was laid bare as Government borrowing surged to a record high of more than £55bn last month – nine times more than in May 2019 – during the coronavirus shutdown.

Britain’s debt mountain is now bigger than the size of the economy for the first time since 1963 because of the rapidly accumulating costs of emergency measures to alleviate the impact of the pandemic.
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UK needs 'biggest-ever peacetime job creation plan' to stop mass unemployment | Recession | The Guardian

UK needs 'biggest-ever peacetime job creation plan' to stop mass unemployment | Recession | The Guardian | In the news: data in the UK Data Service collection across the web | Scoop.it
The biggest job creation package in peacetime is needed to prevent the worst unemployment crisis in Britain for a generation, a leading thinktank has warned.

Sounding the alarm as job losses mount, the Resolution Foundation called on the government to continue subsidising the wages of workers in the sectors of the economy hardest hit by the Covid-19 crisis until at least the end of next year.
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Poorer Brits turn to borrowing during pandemic while higher income households SAVE money

Poorer Brits turn to borrowing during pandemic while higher income households SAVE money | In the news: data in the UK Data Service collection across the web | Scoop.it
POORER Brits are being forced to borrow more money to make ends meet during the lockdown, but richer families are managing to save money.

Lower-income households are twice as likely as richer ones to have increased their debts during the crisis, according to think tank Resolution Foundation
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Fixed Income - Bloomberg

Fixed Income - Bloomberg | In the news: data in the UK Data Service collection across the web | Scoop.it
Lower-income households in the U.K. are twice as likely to have turned to credit than their better-off counterparts during the coronavirus crisis, according to research from the Resolution Foundation.

Workers in shut-down sectors of the economy had an average of 1,900 pounds ($2,350) in savings, the think tank said in a report published Monday. That’s less than half of the 4,700 pounds average held by Britons able to work from home during the pandemic.
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Financial inequality: the ethnicity gap in pay, wealth and property | Money | The Guardian

Financial inequality: the ethnicity gap in pay, wealth and property | Money | The Guardian | In the news: data in the UK Data Service collection across the web | Scoop.it
Selina Flavius is one of a growing number of women in Britain who are talking about money – but as a black woman she faces two challenges. “We experience gender equality and the gender pay gap, which is more spoken about,” she says. “But there’s also the ethnicity pay gap.”

The 38-year-old founded the website Black Girl Finance last year to help others like her. “Some of it was societal and some of it was personal. I wanted to create a safe space where we could focus on our finances,” she says.
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Are some ethnic groups more vulnerable to COVID-19 than others? | Inequality: the IFS Deaton Review

Are some ethnic groups more vulnerable to COVID-19 than others? | Inequality: the IFS Deaton Review | In the news: data in the UK Data Service collection across the web | Scoop.it
The COVID-19 pandemic has affected some sections of the population more than others, and there are growing concerns that the UK’s minority ethnic groups are being disproportionately affected. Following evidence that minority groups are over-represented in hospitalisations and deaths from the virus, Public Health England has launched an inquiry into the issue.
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Plymouth people who made their millions from the National Lottery - Plymouth Live

Plymouth people who made their millions from the National Lottery - Plymouth Live | In the news: data in the UK Data Service collection across the web | Scoop.it
There's a select list of men and women in Plymouth and across the wider South West region who boast either vast or considerable riches.

Some are self-made and careful savers, others sit on old family wealth and there's the rare select few who get lucky giving game shows and the National Lottery a whirl.

Latest figures provided to PlymouthLive in 2019 show there are as many as 231,000 people down south with a net worth of £1million or more.
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The coronavirus and household incomes: liquidity constrained households in Scotland - FAI

The coronavirus and household incomes: liquidity constrained households in Scotland - FAI | In the news: data in the UK Data Service collection across the web | Scoop.it
The coronavirus outbreak – and the public health response – will have a range of impacts upon the economy, and on individuals whose livelihoods will be impacted.

One issue, particular when asking those self-employed to forgo income by self-isolating or asking others to scale back their day-to-day activities, will be how it impacts upon family budgets.

A concern that policymakers will be mindful of, and will no doubt be looking to develop a response to, will be how to support households who may be most vulnerable to any fall-off in income.
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This is why house prices have grown at their strongest annual rate since July 2018 | Yorkshire Post

This is why house prices have grown at their strongest annual rate since July 2018 | Yorkshire Post | In the news: data in the UK Data Service collection across the web | Scoop.it
Robert Gardner, Nationwide’s Chief Economist, said, that while overall economic growth ground to a halt in the final three months of 2019, labour market conditions remained buoyant and borrowing costs are low.

He added: “The decisive election outcome may have provided a boost to buyer sentiment.
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UK Rich Increase Their Wealth by £274 billion Over Five Years | The Equality Trust

UK Rich Increase Their Wealth by £274 billion Over Five Years | The Equality Trust | In the news: data in the UK Data Service collection across the web | Scoop.it
Analysis by The Equality Trust can, today, reveal that the richest 1,000 people in the UK have:

Increased their wealth by £66 billion in the past year alone (2017 - 2018) [1]
Increased their wealth by £274 billion in the past five years (2013 - 2018) [1]
Increased their total wealth to the staggering sum of £724 billion, which is significantly more than the poorest 40% of households combined on £567 billion.[2]
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Why we should be worried that many women are reliant on their partners' pensions

Why we should be worried that many women are reliant on their partners' pensions | In the news: data in the UK Data Service collection across the web | Scoop.it
We may have come a long way since the days when women were the property of men, but we still face some huge challenges when it comes to addressing financial gender inequality. 

According to a new report from Fidelity, 12 per cent of married women plan to rely on their partner’s pension in retirement, while 17 per cent of women have no pension of their own at all. 
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Low and middle-income households vulnerable to recession

Low and middle-income households vulnerable to recession | In the news: data in the UK Data Service collection across the web | Scoop.it
The income squeeze that followed the last financial crisis has left low and middle income households more vulnerable to the next economic shock than they were in 2008, according to the Resolution Foundation.

The think tank’s A Problem Shared? report examines the impact of recessions in the light of the financial crisis.

It found that a decade of weak income growth has left lower income families in a more vulnerable position than before the crisis hit. This is because they have less scope to reduce their spending on non-essentials should their incomes fall, while a higher proportion of this group have no savings to draw upon.
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Family Expenditure Survey

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Living Costs and Food Survey

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Middle-class households are most at risk from the next recession, experts warn –

Middle-class households are most at risk from the next recession, experts warn – | In the news: data in the UK Data Service collection across the web | Scoop.it
MIDDLE-CLASS families are at risk from the next recession, experts warn.

Households trying make ends meet are more vulnerable to a hit to the economy than they were at the time of the previous financial crash, according to the Resolution Foundation think-tank.
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Family Expenditure Survey

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Ekklesia | Pandemic exposes inability of low-wealth households to weather economic storm

Ekklesia | Pandemic exposes inability of low-wealth households to weather economic storm | In the news: data in the UK Data Service collection across the web | Scoop.it
Lower income households are twice as likely as high income households to have increased their use of consumer credit during the crisis, and are 50 per cent more likely to be saving less than usual, leaving them particularly exposed to the ongoing economic crisis, according to a major new Resolution Foundation report published on 22 June 2020.

Rainy Days, published in partnership with the Standard Life Foundation, examines the distribution of wealth across Britain in the run-up to the crisis, and how the crisis is having different impacts on the balance sheets of richer and poorer households. The report shows that those most at risk in the crisis have the weakest private savings safety net to fall back on, while the crisis itself is exposing Britain’s wealth gaps, and the ability of low-wealth households to weather the economic storm.
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Existing wealth gaps widened by coronavirus

Existing wealth gaps widened by coronavirus | In the news: data in the UK Data Service collection across the web | Scoop.it
Poorer families are borrowing money to survive the coronavirus while wealthier households are saving more, according to a report by the Resolution Foundation.
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Lockdown increasing UK's wealth divide, think tank report warns

Lockdown increasing UK's wealth divide, think tank report warns | In the news: data in the UK Data Service collection across the web | Scoop.it
Lower-income households are more likely to have been forced into debt during the coronavirus crisis while wealthier families have been able to fall back on or even boost their savings, a new study suggests.

The Resolution Foundation think tank said the crisis was exposing Britain’s widening wealth gaps and the ability of low-wealth households to weather the economic storm.
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Coronavirus: Poorer households funding lockdown with debt, says think tank

Coronavirus: Poorer households funding lockdown with debt, says think tank | In the news: data in the UK Data Service collection across the web | Scoop.it
Lower-income households are using savings and borrowing more during the coronavirus lockdown, while richer families are saving more as eating out and trips abroad are banned.

That's according to research from the Resolution Foundation, a think tank.

Lower-income households are twice as likely as richer ones to have increased their debts during the crisis, it said.
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Runnymede Trust / The Colour of Money

Runnymede Trust / The Colour of Money | In the news: data in the UK Data Service collection across the web | Scoop.it
The Colour of Money: How racial inequalities obstruct a fair and resilient economy

Shocking levels of economic and racial inequality in Britain are revealed in The Colour of Money, a Runnymede report released April 2020.

For example, Black African and Bangladeshi households have 10 times less wealth than White British people.
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Annual Population Survey

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London’s Poverty Profile, Poverty Data

London’s Poverty Profile, Poverty Data | In the news: data in the UK Data Service collection across the web | Scoop.it
London’s Poverty Profile provides evidence on and insight into poverty and inequality in London. It shines a light on these issues to prompt action from local and national government, the third sector, faith groups, practitioners, experts, businesses, the public and indeed anyone who cares about making London a fairer city to live in.

Despite living in a global city with a level of economic performance to be proud of, many Londoners struggle to make ends meet, secure good quality affordable housing, or tie down the decent work they need to lift themselves above the poverty line. As a result, poverty is higher in London than in any other region or country in the UK. Across a wide range of indicators, there is a gulf in outcomes between Londoners on low incomes and those who are better off, both in the capital and across the rest of the UK.
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Annual Population Survey

Annual Survey of Hours and Earnings

Family Resources Survey

Households Below Average Income

Labour Force Survey

Wealth and Assets Survey

1971 Census

1981 Census

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ONS highlights extent to which households may cope with income shock

ONS highlights extent to which households may cope with income shock | In the news: data in the UK Data Service collection across the web | Scoop.it
Self-employed households are more likely than those containing people who work for an employer to have savings which could tide them over a temporary fall in income, new figures suggest.

Employees on lower earnings and younger workers could be particularly vulnerable if they suddenly needed to cover a temporary income shortfall, the Office for National Statistics (ONS) data shows.
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A decade of Tory austerity in numbers

A decade of Tory austerity in numbers | In the news: data in the UK Data Service collection across the web | Scoop.it
Tony Blair’s theme tune in 2007 was D:ream’s Things Can Only Get Better, ushering in over a decade of Blair Brown Labour government, steering Britain through the global financial crisis of 2007-2008 and sputtering out in Brown’s defeat to a minority Tory Lib-Dem coalition in 2010.
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Levelling up: how wealth taxes can reduce inequalities

Levelling up: how wealth taxes can reduce inequalities | In the news: data in the UK Data Service collection across the web | Scoop.it
How far will this week’s budget go in ‘levelling up’ the UK in line with the government’s stated aims? Whilst much of the public debate has centred on what changes to taxing and spending the new Chancellor Rishi Sunak could make, there has been less analysis about how proposed measures could reduce economic inequality, which is surely a key hallmark of ‘levelling up’. Oxfam has been calling for better use of wealth taxes in global debates and across countries (such as India) for years, and we have suggested why the UK government should also make better use of wealth taxes here. Whether in low income or high-income countries, we are concerned that tax and spending decisions contribute to reducing poverty. And within countries, it is getting harder to reduce poverty without tackling economic inequality as the IMF and others recognise.
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Up to 600,000 children in England either homeless or at risk of becoming homeless

More than half a million children in England are living in families classed as homeless or about to become homeless.

A report by the Office of the Children’s Commissioner for England also exposes the Dickensian-like conditions for homeless families living in temporary accommodation. Some are forced to take refuge in converted office blocks and even shipping containers.
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Half of women have no plan for pension in divorce - FTAdviser.com

Half of women have no plan for pension in divorce - FTAdviser.com | In the news: data in the UK Data Service collection across the web | Scoop.it
ore than half (56 per cent) of married women don’t have arrangements in place to protect their pensions in a divorce, research has shown.

The study from Fidelity International – which polled 2,000 UK adults on discussing financial subjects with their partner – found men were similarly unprepared, with 60 per cent admitting they don’t have plans in the event their marriage breaks down.
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Low income households most vulnerable to downturn

Low income households most vulnerable to downturn | In the news: data in the UK Data Service collection across the web | Scoop.it

LOW and middle-income households are more vulnerable to the next economic downturn as a result of the last financial crisis, a new study suggests.

A decade of weak income growth has left lower-income families in a more vulnerable position, said the Resolution Foundation.

It has previously warned that the risk of recession is at its highest level since 2007.

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Family Expenditure Survey

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Households Below Average Income

Labour Force Survey

Living Costs and Food Survey

Wealth and Assets Survey

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