It saddens me to say that according to the government’s own figures, Plymouth Moor View has the worst rate of individual insolvencies in the country.
Out of every 10,000 adults, 54.9 have gone bankrupt, meaning that Plymouth Moor View tops the list of all constituencies in England and Wales.
In 2018 alone, 829 new individual insolvencies took place across Plymouth.
Across the UK as a whole, individual insolvencies are at their highest levels since 2010 when the Tories came to power. Shockingly, more than 115,000 people across the country faced insolvency last year. And with a further 93,000 individual insolvencies already taking place over the first nine months of 2019, this could be an even worse year, and the TUC says that a decade of low pay is to blame.
In the South West, wages in real terms are still to recover to their 2008 levels, marking the longest pay squeeze in centuries as everyone feels the effects of having to tighten their belts.
Over the last 11 years, the average working person in the South West has lost £17,093 as wages have failed to keep pace with rising inflation, meaning that the average working man or woman in Plymouth is earning £43.05 less a week in real terms.
Meanwhile, household debt has increased by a third since 2010 to a new record of £14,200.
This is truly unacceptable, and while Tory-backing billionaires have benefitted from tax cuts for the rich, the average Plymothian is left facing rising bills, falling wages and household debt that is spiralling out of control.