The 2015 General Election has been unpredictable and left many people scratching their heads. From a hung parliament to a Conservative majority, what does the result mean for people in debt? We take a quick look the opinions and reactions so far on Twitter.
Personal debt is a big issue
In our last post about Britain’s personal debt we looked at the staggering amount personal debt in the UK and how it impacts people in different parts of the country.
Currently consumers owe around a whopping £1.5 trillion with someone of an average salary spending around 4.37% on interest alone.
Figures from The Money Charity May Statistics report that 1,163 people a day had become redundant between December 2014 and February this year. The average total debt per household including mortgages was £55,196 and the average debt per adult in the UK was £29,186 in March this year.
With statistics like these, this election campaign has not really addressed personal debt issues and how the next major party will help people in debt. Comments from attendees of the Institute of Money Advisers Conference highlight this:
No focus on personal debt in this election campaign – when such a massive issue in everyday lives – Otto Thoresen #IMAConf15 — Anna Hall (@AnnaHallCAB) May 6, 2015
Otto Thoreson, conference chair #IMAConf15 can’t understand why personal debt isn’t bigger #GE2015 issue. I agree pic.twitter.com/7R5NuWllON — Andrew Smith (@Andrew_F_Smith) May 6, 2015
#GE2015 and debt
Below we look at some of the reactions to the election results as they unfolded. Jonathan Eley, editor of FT Money tweeted:
What does #ge2015 mean for your finances? In short: More money for old folk House prices rising forever More big rises in personal debt
— Jonathan Eley (@JonathanEley) May 8, 2015
The coalitions ministers responsible for polices on personal debt all lost their seats eg Ed Davey, Jo Swinson. — Nick Pearson (@nwpearson) May 8, 2015
Many people have commented about how students will leave University even more indebted, food bank usage will increase and about the uncertainty the next Government will have on national debt and public services.
Goodbye NHS, libraries, sure start centres, hello food banks, debt, poverty rates, inequality, disability discrimination….#GE2015 — Annie Makoff (@anniecat84) May 8, 2015
Looks like I’ll be having plenty more work to do with Foodbank and Debt Advice over the next few years… #GE2015 #conservatives
— Rebekah Gibson (@gibson_rebekah) May 8, 2015
The 18-25 bracket are going to feel the brunt of this #GE2015 … Leave uni with that 9k a year debt, rising taxes, no jobs *huff* — Niquelle LaTouche (@Niquelle_L) May 8, 2015
Bye bye NHS, essential services, legal aid, hello tax breaks for the wealthy, more food banks, increased child poverty, further debt #GE2015 — Tim McKenna (@TimMcKenna5) May 8, 2015
Electorate’s spoken: they’re pro EU, pro mass immigration, pro PC, pro “terror laws”, pro high spending & pro soaring national debt #GE2015
— Nick (@Nick_1453) May 8, 2015
What’s next for Britons and debt?
What do you think this election will mean for people in debt? Will the debt burden increase or will the next government do something to help? Share your thoughts and opinions in the comments below.
