As more and more people become unemployed during the credit crunch and the number of pensioners in the country increases, Britain's debt is falling on less people.
Just over 29 million people are in work at the moment, accounting for 48 per cent of the population, and this figure is expected to drop as redundancies rise, according to the Times.
Two million people are unemployed and this figure is expected to peak at 3.5 million in the last quarter of next year by the Centre for Economics and Business Research think-tank.
National debt currently stands at £630 billion, which is 43 per cent of the gross domestic product.
George Buckley, chief economist at Deutsche Bank in London, said: "In the near term, this is a massive issue, because they will be taking a lot less and giving a lot more."
Professional advice website uSwitch.com recently announced March 25th as this year's UK Debt Freedom Day, as all the days' work from January 1st up to that point made enough money to pay for the nation's debt interest.
Britains debt falls on less than half the nation
Wed, 15 Apr 2009
Recommended links
Struggling with debt? Get help now!Types of debt
Is debt affecting you?
How debt affects your life
Credit card repayment calculator
Budget calculator
Dealing with debt problems
Unsecured Debt Falls For The First Time In 16 Years
Unpaid Debts Result in Increase in CCJs
| news |
|---|
| Saving deemed less cost effective than paying down debt - Wed, 01 Feb 2012 |
| Mortgage holders saving rather than paying down debt - Mon, 30 Jan 2012 |
| Most expensive debt should be paid first - Fri, 27 Jan 2012 |
| More News |
