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The Money Statistics July 2017 PDF Print E-mail
Tuesday, 04 July 2017
Striking numbers 
1.7%: The record low savings ratio in Q1 2017. We are saving less than ever
46p: The pittance someone on an average annual income would get if they put an average amount of their annual earnings in an instant access savings account and left if for a year!
62 years: The amount of time it would take for that person to save for today’s average deposit
2.7%: The rate of inflation in May, the highest in nearly four years
£10.4 billion: Public sector net borrowing in April
7.997 million: People had been auto-enrolled into a pension by the end of May
9.45 million: The number of people in the UK who have no savings
£199.7 billion: The level of unsecured debt in the UK
863,000: (15%) of 18 to 24-year-olds in England were not in education, employment or training (NEET) from February to April

Everyday in the UK
Net lending to individuals in the UK increased by £173 million a day
Borrowers would repay £137 million a day in interest over a year, based on April 2017 trends.
The number of people unemployed for over 12 months fell by 397 per day between February and April.
14 properties are repossessed every day, or one every one hour and 43 minutes.

Personal debt in the UK
People in the UK owed £1.537 trillion at the end of May 2017. This is up from £1.489 trillion at the end of May 2016 – an extra £929.97 per UK adult
Based on May 2017 trends, the UK's total interest repayments on personal debt over a 12 month period would have been £50.002 billion
Outstanding consumer credit lending was £199.7 billion at the end of May 2017.
Per household, that’s an average consumer credit debt of £7,370 in May, up from a revised £7,320 in April – and £545.17 extra per household over the year
There were 24,531 individual insolvencies in England and Wales in Q1 2017.

Mortgages, rent and housing
Outstanding mortgage lending stood at £1.338 trillion at the end of May.
The average mortgage interest rate was 2.58% at the end of May. Based on this, households with mortgages would pay an average of £3,109 in mortgage interest over the year.
According to the Council of Mortgage Lenders, gross mortgage lending in May totalled an estimated £20.1 billion.
The Office of National Statistics say that the average house price for first-time buyers was £185,266 in April 2017, which is an annual increase of 5%.
34% of households owned their home outright, while 29% were mortgagors. 20% rent privately, and 17% pay a social rent.

Savings and Pensions
In Q1 2017, households saved a record low average of 1.7% of their post-tax income, including benefits.
The average interest rate for an instant access savings account – not including bonus interest payments – was 0.13% in May. For a cash ISA, this was 0.39%.
It would take 63 years for someone on the average salary, saving the average amount per household every year in an average instant access savings account, to afford the average first-time buyer deposit. If they saved into a cash ISA at the same rate it would take 58 years.

Spending and Loans
In Q4 2016, households in the UK spent £97.55m a day on water, electricity and gas – or £3.61 per household per day.
The average interest rate on credit card lending bearing interest was 18.21% in May. This is 17.96% above the Bank of England Base Rate (0.25%).
British Bankers Association figures show that 56.9% of credit card balances were bearing interest in May 2017.

The bigger picture
89,000 people (1,000 a day) reported they had become redundant over the three months, little changed from the previous quarter. There were 4.921 million working-age people claiming benefits in February 2016. This is a decrease of 249,530 in the year, or 684 a day.
Public sector net debt excluding public sector banks was £1,729.5bn (86.6% of GDP). This was £1,606bn at the end of March 2016, meaning public sector net debt grew by £338m a day in the year to March 2016.

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