Nearly a quarter of households say their finances affected by coronavirus crisis, research shows

NEARLY a quarter of British households have said their household’s finances have been affected by the coronavirus crisis, according to new research.

The Office of National Statistics have released numbers giving a devastating insight into the economic impact of the pandemic on Brits.

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A quarter of Brits said their household finances have already been affectedCredit: Getty – Contributor

Just over 1 in 5 adults said their household finances had already been affected – and almost half of people expected their financial situation to get even worse over the next year.

Chancellor Rishi Sunak has warned the Government is doing everything they can to look after Brits, but that there will be “hardship ahead”.

He said earlier this week: “We can’t save every job, we can’t save every business.”

The figures from the ONS show that almost three quarters – or 73 per cent of Brits had already had to dip into precious savings to cover living costs.

The shutdown has had a huge impact on businesses across the spectrum – around 1 in 5 businesses have been forced to furlough employees and put them on the Government Retention Scheme.

A quarter of businesses in the UK have had to shut down entirely or temporarily pause trading while the lockdown keeps the country at a standstill.

The full scale of the COVID-19 economic meltdown emerged earlier this week in government figures which predicted the country’s economy may be slashed by a record 35 per cent by June.

Unemployment could rocket to 3.4 million and the deficit may spiral to £218billion this year.

The figures, produced by the Office for Budget Responsibility, predict the worst GDP slump in a single quarter since records began in 1908.

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Separately, The International Monetary Fund warned the global economy will suffer its deepest plunge since the Great Depression of the 1930s.

The Chancellor said: “This is an unprecedented times and unprecedented crisis and that called for an unprecedented economic response.

“So in that sense, it’s not surprising to see some of these figures, as it’s unlike anything we’ve dealt with before.”

The social impact on Brits living in lockdown has also been huge – around 85 per cent of people said they were worried by the impact of COVID-19 on their life.

That number was even high for those who are more vulnerable to the disease – around 90 per cent for those 70 years and older, and 85 per cent for those with underlying health conditions.

Nearly half reported high levels of anxiety, and around the same number said it was affecting their well-being.

But people are still turning to loved ones to help them cope – almost 80 per cent of Brits said connecting with friends and family has helped them deal with staying at home.

The number of confirmed cases has continued to skyrocket to 103,093 and deaths passed the 13,000 mark today.