Debts

HM Treasury written question – answered on 12th September 2017.

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Photo of David Crausby David Crausby Labour, Bolton North East

To ask Mr Chancellor of the Exchequer, if he will publish the level of personal debt (a) in total, (b) per household and (c) as a proportion of GDP for the latest period available and for each of the five previous financial years.

Photo of Stephen Barclay Stephen Barclay The Economic Secretary to the Treasury

Household debt and GDP statistics are published by the ONS, and are available here: https://www.ons.gov.uk/economy/nationalaccounts/uksectoraccounts/timeseries/nnpp/ukea

https://www.ons.gov.uk/economy/grossdomesticproductgdp/timeseries/ybha/pn2

In nominal terms, the level of household debt has risen over the past five years. However, it has fallen as a share of GDP. In financial year 2016-17, household debt stood at 95% of GDP, down from 98% five years ago, and 102% before the financial crisis (FY 2007/08).

The independent Financial Policy Committee was set up by the government to assess and mitigate financial stability risks, including from household debt. The FPC has taken action to ensure against a significant rise in highly indebted households.

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