Accountants Confirm Welsh Households are under Greatest Financial Pressure

An accountant has confirmed that Welsh households are under the greatest financial pressure in comparison to anywhere else in the UK.

The accountancy firm PwC’s most recent UK Economic Outlook report suggests that the divide between London and the south east of England and the rest of the UK is greater than ever.

Wales and the north east of England are suffering from the greatest increases in household financial stress since the beginning of the recession, with West Midlands being third.

The authors attribute Wales’ performance to a combination of a huge increase in unemployment and economic inactivity rates, sharp drops in house prices, and consequent considerable increases in personal insolvencies .

In comparison, the household financial situation in London, the South East and east of England, and Scotland have improved since the beginning of the recession.