There are 10.5 million adults in the UK who have indicated they are in their worst financial state on record, according to new research by the loan comparison site, FairMoney.com.

The comparison site also found that more than 53% of these people suggested their weekly disposable income was less than £0.

FairMoney.com revealed the North-East was the worst affected region in its study – with 28% of respondents there suggesting they were in the worst financial position that they had ever been in.

This was followed by Scotland (25%), West Midlands (24%), Northern Ireland (22%), and the North-West (21%).

With plans emerging to move the House of Lords to York – in an attempt for the Conservatives to highlight their wish to tackle regional neglect – FairMoney.com suggested there is a ‘gargantuan’ task at hand for Boris Johnson's government.

The price comparison site added that there are ‘wider issues’ regarding regional disparities that need to be breached.

“Britain for the last several years has been battered by the political chaos caused by the Brexit limbo,” FairMoney.com founder and executive chairman, Dr Roger Gewolb, commented.

“Now at the very least, we have a government with a firm stance that is delivering a definitive resolution to Brexit. However, this does not necessarily resolve the poor state of personal finance in the UK.

“The regions in particular need an awful lot of close inspection and relief. The move of the House of Lords is indicative that the regions are very much on the agenda for this government, but ultimately, there needs to be concrete action taken to rectify the poor state of personal finances across the UK.”

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