“Seaside residents dominate personal debt league in England and Wales”

Owl says: Has anyone seen policies to reverse this trend from our Local Enterprise Partnership? Or even from EDDC? Or DCC?

Hint: development in Exmouth is the “traditional” kind the article points out as leading to problems.

“Seaside towns and cities dominate the list of areas with the highest numbers of people getting into serious difficulties with debt, according to new figures.

Scarborough, the largest resort on the Yorkshire coast, ranked second out of 347 local authorities in England and Wales for personal insolvencies, while Torbay in Devon – which includes the town of Torquay – came third, said the accountancy firm UHY Hacker Young.

Plymouth, on the south coast of Devon, was ranked fourth, while Blackpool was in sixth place.

However, it was the city of Stoke-on-Trent in the Midlands which had the highest rate of personal insolvencies, recording just over 51 per 10,000 adults in 2018. The national average was 25, said the firm.

The insolvency rate includes personal bankruptcies, debt relief orders and individual voluntary arrangements….

Other coastal locations or regions featured in the firm’s “top 20” included Weymouth and Portland in Dorset, which includes the resort of Weymouth, which was in 12th place (39.6 insolvencies per 10,000 adults); the Isle of Wight, in 13th place (39.3 per 10,000); Great Yarmouth in Norfolk, in 14th place (39.2 per 10,000); Cornwall, in 17th place (38.5 per 10,000); and Hastings in East Sussex, in 19th place (38 per 10,000).

The accountancy firm said many coastal towns outside south-east England had struggled to replace their traditional industries with faster growth sectors such as financial services and technology. …”

https://www.theguardian.com/money/2019/oct/21/seaside-residents-dominate-personal-debt-league-in-england-and-wales?CMP=Share_iOSApp_Other

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