Debt and Pensions Advice

Part of the debate – in the House of Lords at 3:04 pm on 15 October 2007.

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Photo of Lord McKenzie of Luton Lord McKenzie of Luton Parliamentary Under-Secretary, Department for Work and Pensions, Parliamentary Under-Secretary (Department for Work and Pensions) (also in the Department for Communities and Local Government) 3:04, 15 October 2007

My Lords, the aggregate level of household indebtedness stands at £1.4 trillion, but that should be seen in the context of total household assets, which are worth £7.5 trillion. The relationship of debt to assets has remained broadly constant over recent times. In fact, the relationship of debt to household income has improved since 2004.