Liberal Democrats in Business

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Chancellor Appears Oblivious To Trillion Pound Debt Mountain

1.08.00pm UTC (GMT +0000) Tue 29th Jun 2004

Vincent Cable on Trillion Day

Vincent Cable MP with colleagues David Laws MP, Norman Lamb MP and Lord Dick Newby on Trillion Day

Commenting on Bank of England figures on lending to individuals out this morning, which puts total personal debt at £1 trillion, Vince Cable MP, Liberal Democrat Shadow Chancellor, said: "A £1 trillion debt mountain should be ringing alarm bells at the Treasury, but the Chancellor appears oblivious.

"Increased lending by banks and building societies is recklessly fuelling the housing boom and storing up problems for the future.

"It is time the Government took action to protect ordinary homeowners against irresponsible lending."

ENDS

Notes

Today's figures showed total lending to individuals at £993bn at the end of May - on current trends this would mean that debt crossed the £1 trillion mark on 20th June.

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