As the UK starts the slow process of unwinding lockdown, the financial impact of the shutdown is starting to emerge and the big picture of the Government’s finances are becoming clear to see, from the cost of the Job Retention Scheme to the predictions of a looming recession. However, writes Laura Suter, it’s a bit trickier to pinpoint the impact on the UK public’s finances...
What is being revealed by early data is a country divided - between those who have financially coped with lockdown (and in some cases actually thrived) and those who have been hit hard and will be paying for it in years to come. Data from the Bank of England shows that, as a nation, we have collectively used lockdown to shore up our savings pots and pay down debt. In April we paid off £5bn of credit card debt, more than double the £2.4bn seen in March, which itself was a record. We've not stopped there, putting aware more than £16bn in savings accounts in the month. That makes sense f...
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