John McDonnell has accused the government of relying on millions of British families going further into debt in order to meet Treasury targets.
The shadow chancellor said families were set to borrow £445bn by the end of the parliament. He also highlighted official figures showing the ratio between household debt and income had reached a five-year high, with forecasts suggesting it will hit 150% by 2022.
That means families will have amassed debts worth a year and a halfs income which Labour warned could result in people falling into financial difficulties.
McDonnell is planning for the Labour party to focus heavily on the question of household debt as part of its new year strategy.
The alarming increase in household debt at a tim…
Read the full article at: https://www.theguardian.com/money/2017/dec/31/hammond-relying-on-household-debt-to-hit-targets-says-mcdonnell
