John McDonnell has said the UK is in the grip of a personal debt crisis with levels of unsecured borrowing predicted to hit a record of £19,000 per household by the end of this parliament.
The shadow chancellor said the increase in debt, to more than £14,000 per household this year, was alarming.
Analysis from Labour shows unsecured debt is on course to exceed £15,000 per household next year and could go on to exceed £19,000 per household by 2022 if it follows the current trajectory.
It is understood Labour plans to focus on the issue in the new year, warning that the continuing squeeze on wages and the high level of inflation are contributing to high levels of personal debt.
On Wednesday the Resolution Foundation, a thinktank, pre…
Read the full article at: https://www.theguardian.com/money/2017/dec/27/uk-household-debt-john-mcdonnell-warns-alarming-increase
