BUSINESS LIVE: BNPL purchases soar; National debt hits £2.3trn

BUSINESS LIVE: Buy now, pay later purchases soar; National debt hits £2.3trn; Pound nears two-year high versus euro

More Britons than ever are turning to buy now, pay later services as the cost of living continues to rise, new research has revealed.

The number of customer transactions with Klarna alone increased 59 per cent in the 12 months from 1 December 2020, according to data from TSB.

The cost of servicing Britain’s ballooning national debt looks set to hit almost £1,000 per person this year as borrowing costs spiral.

A dramatic borrowing binge has pushed the debt pile up from just £354billion at the turn of the century to an astonishing £2.3trillion today.

The pound hit its highest level against the euro in almost two years yesterday as data indicated Britain’s economy was holding up well.

IHS Markit’s Purchasing Managers’ Index showed manufacturing activity grew again in December, despite Covid. Factory production climbed as supply chain delays eased, and workers charged through the pandemic backlog.

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Buy now, pay later services like Klarna have surged in popularity in Britain