Redundancies ‘affecting more than 1,300 people’ every day

Posted 01/06/2011

A new report has revealed that many people in the UK may be facing redundancy, with more than 1,000 likely to lose their jobs every 24 hours.

According to new figures from Credit Action, an average day sees 1,348 individuals become unemployed, while 331 Brits are forced to declare insolvency or bankruptcy.

The statistics also showed that the total level of personal debt in the UK currently stands at £1,452 billion – almost as much as the entire nation’s economic output in 2010.

Including mortgages, the amount owed by a typical household is £55,854, while someone has their property repossessed due to lack of payments once every 14 minutes.

Associate director of Credit Action Joanna Parsley noted that while the average level of personal debt has gone down, suggesting individuals are making efforts to balance their finances, they are having to do this against a backdrop of economic uncertainty and rising costs of living.

Recently, a survey by HSBC found workers aged over 55 in the public sector are most concerned about losing their jobs, with almost half of these workers fearing redundancy in the next three years.