Coronavirus has hit one in five household incomes, ONS survey shows

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The coronavirus crisis has hit the household finances of more than one in five UK adults, data from the Office for National Statistics (ONS) has revealed. 

Of those 22.9 per cent affected, nearly three-quarters were worried about reduced income, while just under a third were dipping into their savings to cover living costs.

More than one in five of those affected (22 per cent) said they were struggling to pay bills, while a fifth said economic instability had hit the value of their pension. 

Around a third of people thought life would return to normal within four to six months, while another third thought it would take longer than six months. 

The survey results come after the Office for Budget Responsibility (OBR) published a scenario on Tuesday that showed unemployment hitting 10 million people in the second quarter of 2020, with GDP dropping 35 per cent. The scenario assumed that the lockdown would last three months.

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