The number of UK households struggling with heavy debt has increased by two thirds since 2017, according to new analysis. Debt Justice, a charity that campaigns against unjust debt, has found that about 12.8 million adults in the UK are falling behind on bills or finding repayments a heavy burden. It is calling for urgent action to prevent people being “trapped in poverty”.
The findings come after the Bank of England increased interest rates to 5% last month, the highest level for 15 years. Financial markets now expect the Bank to raise rates to as much as 6.25% by the end of the year.
