MPs launch inquiry into household finances as £200bn debt pile looms
Bearing in mind it costs more to live in rural England this is a very worrying story….
MPs have launched a formal inquiry into household finances, as personal debt hits levels unseen since the financial crisis.
The Treasury select committee will examine the debt levels of UK households as well as whether consumers are saving adequately as Britain leaves the European Union. Problem debt and the treatment of low income families by banks will also form part of the inquiry.
The investigation comes amid growing concerns over borrowing levels, with the amount of debt amassed on credit cards, personal loans and car deals now at the same level it reached before the 2008 financial crisis –more than £200bn. There are also fears the recent Bank of England rate hike could have a damaging impact.