Government debt hits £2 trillion

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Government debt

The government now owes more than £2 trillion for the first time ever, up £226.7 billion since last summer. Debt is now equal to 100.5% of GDP - it’s the first time we’ve tipped over 100% since 1961. The government has had to borrow a lot to support the economy throughout the coronavirus crisis, but it’s reducing now that expensive projects such as the furlough scheme are being withdrawn.

Unpaid bills

1 in 9 people have been struggling to keep up with household bills during lockdown, according to Citizens Advice. The charity has warned that getting into arrears could lead to a spiral of debt, unless the government steps in to give extra financial support. It has suggested the cost could be shared between individuals, their creditors, and the government.

Read more about dealing with debt.

More holiday quarantine

Croatia and Austria have been added to the quarantine list, prompting a dash back to the UK for people on holiday there. But good news for anyone in Portugal, which has now been exempted from the 14-day self isolation period.

Boozers on the rocks

The nightlife industry has warned it’s facing “financial armageddon” with 754,000 job at risk. Nightclubs in small towns have been hit hardest. The Night Time Industries Association (NTIA) wants support from the government akin to the “eat out to help out” scheme.

Shake it off

Taylor Swift has given £23k to a student struggling to get the money together to go to uni. Vitoria Mario started an online fundraising page after finding out she’s not eligible for any grants or loans - the singer came across the page and decided to make dreams come true.