UK debt exceeds output
UK household debt has overtaken the size of the economy for the first time. Consumers have borrowed so much that the amount owed now outweighs the country’s gross domestic product.
The news comes 18 months after debts taken on by UK families passed the £1 trillion mark.
Bank of England figures show that the combined amount owed by families rose 10.2% to £1,158bn last year – over £30bn more than the economic output generated by the UK in 2005.