How Covid-19 has affected UK Households
Posted on 4th September 2020 at 10:04
The article states that 'The Covid-19 pandemic and the measures to contain its spread have caused both household income and spending to drop very sharply. But aggregate statistics on income and spending mask substantial variation in the experiences of different households. This variation might lead to economic or financial outcomes that have implications for the Bank of England's monetary policy and financial stability objectives.'
The article confirms that spending has been reduced for both furloughed staff and those still in employement. It also states that 'Ten per cent of mortgage borrowers had taken a mortgage payment holiday in April, according to our survey results. Data from UK Finance suggests this figure rose to slightly over one in six mortgages in June.'
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