Britain’s shadow chancellor warns of ’alarming’ rise in household debt

British household debt is expected to continue its "alarming" increase over the next four years, the country’s shadow chancellor John McDonnell has said.

Britain’s shadow chancellor warns of ’alarming’ rise in household debt

British household debt is expected to continue its "alarming" increase over the next four years, the country’s shadow chancellor John McDonnell has said.

His prediction came after the British Labour party analysed data to claim average unsecured debt per household is projected to increase from £14,426 this year to £15,035 in 2018 and potentially £19,146 by 2022.

These figures - which assume all households have unsecured debt - take into account debt linked to credit cards, bank loans, student loans and other sources but not mortgage debt.

Data from the British Office for National Statistics and Office for Budget Responsibility has been used by Labour to compile its projections.

Mr McDonnell said: "The alarming increase in average household debt already means many families in our country struggling over the Christmas period.

"The Tories have no real answers to tackle the debt crisis gripping our country, and have no solutions to offer those struggling to get by as prices run ahead of wages."

more courts articles

Man (25) in court charged with murdering his father and attempted murder of mother Man (25) in court charged with murdering his father and attempted murder of mother
Man appears in court charged with false imprisonment of woman in van Man appears in court charged with false imprisonment of woman in van
Man in court over alleged false imprisonment of woman Man in court over alleged false imprisonment of woman

More in this section

FILE PHOTO The Competition and Consumer Protection Commission has cleared the purchase of Goodbody Stockbrokers by AIB END Goodbody Stockbrokers fined over €1.2m by Central Bank over rules breaches
Nottingham City Centre Stock Irish staff at the Body Shop wait for wages as retailer shuts stores in the Republic
Ryanair comments on Norwegian Ryanair boss O'Leary's spat with Transport Minister over Dublin Airport escalates
IE logo
Devices


UNLIMITED ACCESS TO THE IRISH EXAMINER FOR TEAMS AND ORGANISATIONS
FIND OUT MORE

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
ie logo
Puzzles Logo

Play digital puzzles like crosswords, sudoku and a variety of word games including the popular Word Wheel

Lunchtime News
Newsletter

Keep up with the stories of the day with our lunchtime news wrap.

Sign up
Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited