Discuss the proposition that although British households repaid the most money borrowed on credit cards and loans in 2020 since records began (Partington, 2021), these repayment opportunities have not been experienced equally by all households.

Using the module materials and the extract below, discuss the proposition that although British households repaid the most money borrowed on credit cards and loans in 2020 since records began (Partington 2021), these repayment opportunities have not been experienced equally by all households Extract: UK households repaid 16bn on credit cards and loans in 2020 British households repaid the most money borrowed on credit cards and tans in 2020 since records began almost three decades ago, as consumers cut back spending during the coronavirus pandemic Figures from the Bank of England show E16.8bn of net repayments on credit cards, personal loans, student borrowing and car finance last year, the most repaid since 1993 and the first annual net reduction since 2011, when the UK was still recovering from the financial crisis. Consumers had racked up 13.2bn of extra debt in 2019. As many people stopped commuting to work and cut their spending on retal, foreign holdays and leisure during repeat lockdowns, the Bank said the annual consumer credit growth rate had plunged to -7.5%. the weakest on record. During the usually pivotal pre-Christmas shopping month of December, households made repayments worth ibn. This followed more substantial months for paying off credit card and loan balances earlier in the pandemic, with more than 72bn repaid during the peak month of April amid the first Cavid lockdown The latest snapshot comes as the pressure from the latest lockdown hits consumer spending, further dragging down the UK economy after almost a year under Covid restrictions and as infection levels remain high In a sign of the impact on businesses as consumers saved money, borrowing from banks by companies soared to a record 43.3bn as firms battled to stay afloat. The amount rased on the financial markets - from soling stocks and bonds - also rose to a record 52. tbn. The chancellor, Rishi Sunak, has faced growing calls to launch a renewed package of financial support for businesses and workers hit hardest by the pandemic, including those in travel, retail and hospitality. But while the Treasury plans to refresh its coronavirus response, the chancellor has also suggested that households saving money during the pandemic could help to kickstart the economy anyway as lockdown measures are relaxed Sunak beleves consumer spending could boom after many people saved money in fockdown while continuing to work from home or receiving income from furlough, arguing that looser restrictions would enable the release of penit-up demand Official figures show the UK's households savings ratio - a snapshot of household savings as a proportion of disposable income-sored to a record high of 27% in June last year, and has remained at historically high levels since However, these aggregate figures obscure intense pressure for people bearing the brunt of the pandemic, as millions lose their jobs of suffer loss of income. Milions of people have falten behind on rent, bills and debt repayments, while destitution levels are expected to double in the wake of the crisis - with an estimated 2 milion families likely to struggle to make ends meet amid the coronavirus recession Almost 9 milion people, many of them among Britain's poorest, were forced to increase their borrowing last year to cope with the pandemic, according to official figures ilustrating the damaging effect of the first two lockdows Highlighting how some households finances are in a stronger position during the crisis, the figures from the Bank also showed the highest number of new mortgage approvals were made in 2020 since immediately before the 2008 financial crisis. The property market boomed in 2020, with average prices rising to a six-year high. The market fonds to be driven by higher income buyers and older Individuals, rather than low-income and younger workers who tend to work in sectors of the economy harder it by the pandemic and more often live in rented homes The Bank said that despite a collapse in approvals in May during the first look down, mortgage approvals for house purchases in 2020 reached 818.500, the most in a year since 2007, and up from 789.100 in 2019 Using the module materials and the extract below, discuss the proposition that although British households repaid the most money borrowed on credit cards and loans in 2020 since records began (Partington 2021), these repayment opportunities have not been experienced equally by all households Extract: UK households repaid 16bn on credit cards and loans in 2020 British households repaid the most money borrowed on credit cards and tans in 2020 since records began almost three decades ago, as consumers cut back spending during the coronavirus pandemic Figures from the Bank of England show E16.8bn of net repayments on credit cards, personal loans, student borrowing and car finance last year, the most repaid since 1993 and the first annual net reduction since 2011, when the UK was still recovering from the financial crisis. Consumers had racked up 13.2bn of extra debt in 2019. As many people stopped commuting to work and cut their spending on retal, foreign holdays and leisure during repeat lockdowns, the Bank said the annual consumer credit growth rate had plunged to -7.5%. the weakest on record. During the usually pivotal pre-Christmas shopping month of December, households made repayments worth ibn. This followed more substantial months for paying off credit card and loan balances earlier in the pandemic, with more than 72bn repaid during the peak month of April amid the first Cavid lockdown The latest snapshot comes as the pressure from the latest lockdown hits consumer spending, further dragging down the UK economy after almost a year under Covid restrictions and as infection levels remain high In a sign of the impact on businesses as consumers saved money, borrowing from banks by companies soared to a record 43.3bn as firms battled to stay afloat. The amount rased on the financial markets - from soling stocks and bonds - also rose to a record 52. tbn. The chancellor, Rishi Sunak, has faced growing calls to launch a renewed package of financial support for businesses and workers hit hardest by the pandemic, including those in travel, retail and hospitality. But while the Treasury plans to refresh its coronavirus response, the chancellor has also suggested that households saving money during the pandemic could help to kickstart the economy anyway as lockdown measures are relaxed Sunak beleves consumer spending could boom after many people saved money in fockdown while continuing to work from home or receiving income from furlough, arguing that looser restrictions would enable the release of penit-up demand Official figures show the UK's households savings ratio - a snapshot of household savings as a proportion of disposable income-sored to a record high of 27% in June last year, and has remained at historically high levels since However, these aggregate figures obscure intense pressure for people bearing the brunt of the pandemic, as millions lose their jobs of suffer loss of income. Milions of people have falten behind on rent, bills and debt repayments, while destitution levels are expected to double in the wake of the crisis - with an estimated 2 milion families likely to struggle to make ends meet amid the coronavirus recession Almost 9 milion people, many of them among Britain's poorest, were forced to increase their borrowing last year to cope with the pandemic, according to official figures ilustrating the damaging effect of the first two lockdows Highlighting how some households finances are in a stronger position during the crisis, the figures from the Bank also showed the highest number of new mortgage approvals were made in 2020 since immediately before the 2008 financial crisis. The property market boomed in 2020, with average prices rising to a six-year high. The market fonds to be driven by higher income buyers and older Individuals, rather than low-income and younger workers who tend to work in sectors of the economy harder it by the pandemic and more often live in rented homes The Bank said that despite a collapse in approvals in May during the first look down, mortgage approvals for house purchases in 2020 reached 818.500, the most in a year since 2007, and up from 789.100 in 2019