Brits Put Life On Hold Amid Pre-Budget Uncertainty

As the nation awaits the outcome of the government’s emergency budget next week, a survey has indicated that people’s confidence in the UK’s economy has hit ‘rock bottom’.

uSwitch, the comparison and switching website, has revealed that 45% of the people it polled are concerned about their finances, with many unwilling to commit to life changing decisions, such as getting married, having a baby or changing their job.

Worryingly, nearly one in five (18%) are claimed to be borrowing money to stay afloat, with 14% finding it difficult to keep up with repayments. Many individuals expect to struggle to find the money to pay their household bills over the next six months and some think they may have to default on their credit agreements.

As a debt charity, we’re receiving increasing numbers of calls from people who are falling victim to the tough economic conditions and are needing debt advice.

With the threat of increased VAT, there is understandably a great deal of apprehension about the outcome of the budget. We’ll have to wait until next Tuesday to have a clearer picture, but in the meantime it’s important that people prepare themselves for the financial challenges that could lie ahead.