UK has highest level of personal debt in the world
Britain is entering the downturn ‘with the highest level of personal debt in the world’, Conservative leader David Cameron has claimed.
Mr Cameron made his remarks at the annual conference of the Confederation of British Industry (CBI).
“Britain enters this recession with the largest budget deficit in the developed world. This is not America’s fault – it’s because no money was ever put aside for a rainy day.”
According to the Bank of England’s ‘Lending to individuals: September 2008’ statistical release, consumers in Britain are currently carrying a debt of £1.457 trillion, £1.219 trillion of which is secured on dwellings.
Excluding mortgage debt, the average household is now carrying a debt of around £10,000 – with mortgage debt, this figure is around £60,000.