Demand at the UK's largest pawnbroker has hit a record high, with the amount of money lent to people in return for pawning goods having surged as the cost of living crisis deepens.
Ministers have been accused of failing to take adequate action to protect people from the impact of rising bills as it emerged that growing numbers of people are trading their belongings for cash to pay for essentials such as food and heating.
Figures shared with The Independent by H&T Group, Britain's leading pawnbroker, reveal that its pledge book - the amount borrowed by customers in exchange for their own possessions increased by 17 per cent in just four months this year, from £66.9m to £78.3m.
Pawnbrokers lend money to individuals in return for personal property that can be sold if the loan is not repaid by a certain date.
Shadow work and pensions secretary Jonathan Ashworth said the figures were a "damning indictment of the lack of action" from chancellor Rishi Sunak in the face of the hike in living costs.
"More struggling families and pensioners are now so desperate to scrape together some cash they are forced to part with wedding rings, jewellery, watches and power tools at pawnbrokers with the big risk they will never get these precious items back," he added.
"This is yet another reason why we need an emergency budget to offer real help now."
Simone, 45, who didn't want to use her full name, told The Independent that while she previously used the pawnbrokers very rarely and only in emergency situations, since the start of this year she had been pawning her jewellery on a regular basis "just to get by".
Esta historia es de la edición May 23, 2022 de The Independent.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición May 23, 2022 de The Independent.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor? Conectar
Russia In Race To Make Gains Before Fresh US Arms Arrive
Analysts and officials say the Kremlin wants a military victory to tout before its artillery advantage over Ukraine diminishes
Tory Voters Won't Thank Us If We Replace The Prime Minister
The results of the local and police and crime commissioner elections in England were supposed to follow a clear narrative – that Labour was on course for a massive parliamentary majority in a general election, and that Rishi Sunak’s premiership would be on the rocks, with rebel factions waiting to displace him.
Tories 'Smart' To Use Holiday To Mask Border Check Chaos
The director general of Britain’s leading trade body has described Tory ministers as “smart” for using the bank holiday weekend to mask the impact of a new Brexit border checks system, which is set to add delays, red tape and costs to many imports.
Netanyahu Rejects Hamas Peace Talks To End Gaza War
Rafah invasion talked up as Israeli PM shuts down Al Jazeera
Did Sunak Snub Susan Hall By Not Voting In London?
With the catastrophic local election results suffered by the Tories this weekend, Rishi Sunak’s leadership has again become the focus of attention.
Chelsea Crush West Ham On Late Surge For Europe
Chelsea kept up their electric goalscoring form at home and boosted their hopes of securing a Europa League spot with a 5-0 thrashing of West Ham.
How Spacey's career came down like a house of cards
As anew documentary reveals more harrowing allegations against the star of American Beauty’, Nick Hilton tells the story of an actor whose own character remains an enigma
MOVERS AND SHAKERS
House prices are down and mortgage costs are up. So how long will buyers and sellers have to wait before the market begins to show signs of life? James Moore digs into the data
Wilson on top after black ball finish halts Jones surge
World Snooker Championship final to resume this afternoon
Norris wins maiden grand prix to end Verstappen run
The Briton, 24, dedicates victory in Miami to his grandma’