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  • Tuesday, February 14, 2006

    Consumer debt levels overtake UK output

    According to this article, from the Telegraph, the level of consumer debts in Britain have now, for the first time, overtaken the total output from the British economy:

    Bank figures show the combined amount owed by families rose by 10.2pc to £1,158 billion last year. This was over £30 billion more than the £1,127billion in economic output generated by the UK in 2005, according to Treasury estimates from the Pre-Budget Report. The rate also dwarfed economic expansion of 1.8pc last year. Simon Rubinsohn, chief economist at Gerrard, said this was an "economic iceberg" which could threaten UK growth.
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