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Chancellor Appears Oblivious To Trillion Pound Debt Mountain
1.08.00pm BST (GMT +0100) Tue 29th Jun 2004
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Vincent Cable MP with colleagues David Laws MP, Norman Lamb MP and Lord Dick Newby on Trillion Day
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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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