Ten-Year High For UK Debt In Gordon Brown’s Britain

IT’S been a decade since New Labour’s election victory threatened to usher in a new era of peace and prosperity. However, with wars raging in Iraq and Afghanistan, and people drowning in a sea of debt, incumbent PM Gordon Brown still has a lot of work to do.

According to figures published by the Lib Dems today, the average British family now spends 9 per cent of its income on interest charges, the highest amount in ten years and a fifth more than in 1997.

The figures, based on answers to parliamentary questions tabled by Lib Dem shadow Chancellor Vince Cable, also show that the average family’s total personal debt now accounts for an incredible 164 per cent of their annual income, the highest figure in the developed world.

Cable says:, “Mr Brown will move house this week while thousands of homeowners face severe financial difficulties because of the expected interest rate rises this summer and later this year.”

So much for Gordie’s much-celebrated fiscal talents.

Anorak

Posted: 25th, June 2007 | In: Money Comment (1) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink