UK households take bigger pandemic hit than others

A third of British households cut back their spending, at least 10 percentage points above the equivalent figures in the top two European Union economies.Those in Britain were twice as likely to have taken on debt for living expenses.

LONDON: United Kingdom households took on more debt and suffered a bigger hit to incomes during the pandemic than those in France and Germany, according to new research that indicates weakness in the potential for an economic recovery.

The findings, released by the Resolution Foundation, fuel the debate over the government’s handling of the crisis after the UK had both one of the highest death rates and the deepest slump among Group of Seven nations.