UK households are a combined 200 billion pounds in debt – can Work and Wages cover this?
20/09: UK households are a combined 200 billion pounds in debt, it has recently been reported But can local Work and Wages cover this debt – and how long will this take? The £200bn of debt amassed on credit cards, personal loans and car deals is now at the same level it reached before the 2008 financial crisis. There are fears that rises in interest rates could put more households under pressure, and that Work and Wages will not be sufficient to “catch up”. Some people were being pushed into destitution by loan sharks and finance companies that heaped extra pain on low income households with sky-high interest charges. According to the Money Advice Service, there are now 8.3 million people in the UK with problem debts. Many families have been forced into debt in order to just make ends meet.
However, a Treasury spokeswoman said the government was focused on supporting the growth of secure and better-paid Work and Wages as the route out of debt. The increase in full-time jobs in the past two years and a higher minimum wage meant that fewer people were coping with low and erratic wages.
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Meanwhile, Britain's statistical authority, the Office for National Statistics released a heap of data examining how much British workers earn in bonuses on top of a basic Salary. Those working financial services and insurance sectors got the biggest additions to their Salary. But the broader trend suggests that workers saw their bonuses grow across a range of sectors. These include Transport and Storage (average annual bonus around 900 pounds); Retail Trade and Repairs (average annual bonus around 1100 pounds); Engineering and allied (average annula bonus around 1400 pounds); and Professional, scientific and technical activities (average annual bonus around 23 000 pounds).
During the financial year ending 2017 (April 2016 to March 2017), the whole economy average bonus per employee has increased to just over 1600 pounds, which is 5.3% higher than the previous financial year.
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