MANY Yorkshire consumers are still waiting to feel the benefits of the UK’s economic recovery, according to new research.
The study by R3, the insolvency trade body, found that 46 per cent of adults in Yorkshire and the Humber disagreed with the Chancellor George Osborne’s statement that the economy has moved from rescue to recovery, compared with 40 per cent who agree.
And, despite the improving economy, the proportion of adults in the region who say they struggle to reach payday has increased from 33 per cent in February to more than half (51 per cent) in the latest survey.
William Ballmann, the chairman of insolvency trade body R3 in Yorkshire and partner at law firm Gateley, said: “Optimism about the wider economy still isn’t entirely filtering through to how adults in the region and beyond think about their own bank balances.
“The rising cost of living, credit card debts and rent costs are all preying on the minds of British consumers, many of whom are finding that their financial breathing room is becoming smaller and smaller. Meanwhile, individual insolvencies have begun to rise again, as has consumer borrowing for the first time in a number of years.”
The 79 per cent of adults in Yorkshire and the Humber who struggle to make it to payday blame the rising cost of living, down from 82 per cent in June, according to R3’s research.
Mr Ballmann said “A few quarters of economic growth won’t make up for the impact the two-decade long consumer credit bubble has had on Britain’s household finances.”