Cost of living crisis and rising interest rates forcing more people to become ‘trapped in poverty’
The number of UK households struggling with heavy debt has increased by two thirds since 2017, according to new analysis. Debt Justice, a charity that campaigns against unjust debt, has found that about 12.8 million adults in the UK are falling behind on bills or finding repayments a heavy burden. It is calling for urgent action to prevent people being “trapped in poverty”.
The findings come after the Bank of England increased interest rates to 5% last month, the highest level for 15 years. Financial markets now expect the Bank to raise rates to as much as 6.25% by the end of the year.
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