Property Rescue Blog

The budget deficit is expected to reach £178 billion this year, which is 12.6% of the Gross Domestic Product (GDP).

UK airports are seeing fewer passengers these days and the number of travelers continues to decline. A total of 216.8 million passengers took flights in 2009, which is a 7.4% drop from 2008 and the lowest number of UK air travelers since 2004.

Petrol prices are once again on the rise and poised to reach a record high over the next few weeks. Currently, the average petrol price is approximately £1.15 per liter, but that is expected to increase to a new record of £1.20 per liter.

It is no secret that personal debt has been steadily increasing for over a decade and that the number of people going bankrupt or being declared insolvent has risen alongside it.

Throughout 2009, and particularly in the last quarter, the number of residents in England and Wales declared insolvent rose to a record high. Figures released by the Insolvency Service show that 35,574 people were declared insolvent just in the last three months of 2009, showing the depths the recession has reached.

As we continue to see the effects of the economic downturn, we now have a better idea of the manner in which businesses have been affected.

It is well known that pension incomes have been falling; however, many are not aware of the fact that the gap between pension incomes received by men and those received by women is widening even more than in previous years.

2010 has not started out well for public finances. In January, the government borrowed an additional £4.3 billion, bringing the total to the highest since record keeping began in 1993.

As yet another indicator of tough financial times, according to the Bank of England, there has been a significant rise in the amount being written off by banks as bad debts on credit cards and unsecured loans.

A reduction in fast house sales increased repossessions last year.   More homes were repossessed in 2009 than in any other year since 1995. This 14-year high culminated in the repossession of a total of 46,000 homes in 2009, which is an increase of 6,000 homes over 2008.