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Liberal Democrats in Business News and views from the Lib Dem Treasury, Trade and Industry Teams and the Liberal Democrat Business Forum |
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Banks Must Stop Fuelling The Borrowing Boom - Cable6.07.00pm UTC (GMT +0000) Tue 2nd Nov 2004 Commenting on figures released today by Datamonitor, that show that the UK holds half of all Europe's credit cards, Liberal Democrat Shadow Chancellor, Dr Vince Cable MP, said: "We are now over £1 trillion pounds in debt and we have one of highest levels of unsecured debt in Europe. "Today's figures are particularly worrying as there is much evidence to suggest that rather than the audience widening we are seeing certain individuals taking on more and more credit cards. There is also increasing evidence that many are unable to pay their bills in full. "The survey clearly shows that UK banks have been recklessly fuelling the borrowing boom that has led to a growth in our 'pay later' culture. "Rising interest rates, falling house prices, and mounting personal debt are all danger signs for the British economy. A downturn could lead to many falling into financial difficulty."
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[ Related News Stories:Fri 11th Jan 2008: [Northern Rock Must Use Money From Assets Sale To Reduce Borrowing - Cable] Wed 1st Nov 2006: [Irresponsible Lending Fuelling Housing Market - Cable] Wed 11th Jan 2006: [Brown's EU Borrowing Warning Difficult to Ignore - Cable] Tue 4th May 2004: [Reckless Lending Fuelling House Price Boom - Cable] Mon 19th Apr 2004: [Irresponsible Lending Fuelling House Price Bubble Says Cable] Mon 1st Mar 2004: [Soaring Lending Fuelling Unsustainable Housing Bubble - Cable] Thu 29th Jan 2004: [Homeowners Need Protection Against House-Price Boom and Bust - Cable] Fri 23rd Jan 2004: [Retail Sales Figures Fuelling Consumer Debt - Cable] Thu 24th Apr 2003: Published and promoted by Liberal Democrats in Business, 4 Cowley Street, London SW1P 3NB. The views expressed are those of the party, not of the service provider. |