UBS report: British families suffer biggest wealth fall in rich world since pandemic
A UBS report indicates that British families have experienced the largest decline in wealth among wealthy nations since the pandemic.
The Full Story
A plain summary built from the channels that reported this story.
A new report from Swiss investment bank UBS has found that British families have suffered the biggest decline in wealth of any wealthy nation since the pandemic. The study, which surveyed 37 countries, shows that the average wealth of British households fell by more than a fifth over the past five years. This is the worst performance among all the countries surveyed.
The report points to several factors behind the slump. High inflation, which peaked at 11.1% in 2022, has eroded the value of savings and assets. A slowdown in house prices has also contributed, as property is a major component of household wealth in the UK. In addition, the tax burden is set to rise to its highest level since the Second World War, partly because of a long freeze on income tax thresholds.
The findings come amid ongoing debate about the causes of Britain's economic difficulties. Some commentators have linked the wealth decline to the government's borrowing during the pandemic and the length of lockdowns. Others have pointed to the impact of Brexit, though the UBS data shows that other European countries have not experienced a similar drop. The report does not single out any one cause but highlights a combination of inflation, housing market trends, and fiscal policy.
The UBS report adds to a growing body of evidence that British households are under significant financial pressure. With interest payments on government debt running at around 12 billion pounds per month and economic growth remaining weak, the outlook for household wealth recovery remains uncertain.
On screen
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Key Claims
Claims reported during this story's coverage, mapped by channel. Ordered by how many channels carried each claim.
| Claim | GB News |
|---|---|
| British families experienced the largest decline in wealth among rich countries since the pandemic, with average wealth falling by more than a fifth over five years. |
Channel Perspectives
What each channel focused on, with key quotes.
GB News framed the story as a direct consequence of government mismanagement, particularly the lockdowns and borrowing during the pandemic. The host and guest criticised both the Conservative and Labour governments, arguing that excessive borrowing and lack of growth are to blame. The channel also dismissed Brexit as a cause, noting that other European countries have not fared as badly. The tone was opinionated and partisan, with the host expressing no surprise at the findings.
- “I'm not surprised by it at all.”
- “The fact that we borrowed so much money during Covid.”
- “The only way out of this now is to actually cut back and build.”
Broadcast Timeline
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