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Debts: Coronavirus

Question for Treasury

UIN 73862, tabled on 12 November 2021

To ask the Chancellor of the Exchequer, what assessment he has made of the impact of the covid-19 outbreak on the levels of household debt in (a) Coventry North East constituency, (b) Coventry, (c) the West Midlands and (d) England.

Answered on

19 November 2021

The Government regularly monitors trends in household debt levels in order to inform policy making to help people manage their money well and access support if they need to get their finances back on track. It does so by working closely with the Money and Pensions Service (MaPS), the Financial Conduct Authority (FCA) and engages regularly with a range of other stakeholders on their research and findings.

The FCA conducts a biennial Financial Lives Survey of 16,000 adults which provides a comprehensive insight into the finances of the UK population. The latest findings from the survey were published in February 2021 and showed that between March and October 2020, the number of people with low financial resilience increased by 3.5 million, from 10.7 million to 14.2 million.

MaPS monitors financial difficulty through the Debt Need Survey of approximately 22,000 people, with data on regional levels of over-indebtedness last published in 2018. MaPS will publish the results of the 2021 Debt Need Survey early next year, which will include a regional breakdown of their new Need for Debt Advice measure.

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