John McDonnell: ‘Alarming’ household debt to keep rising

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Veil chancellor John McDonnell says the «alarming increase» in average household accountable is set to continue over the next four years.

Labour warned unsecured obtaining could exceed £19,000 per household by 2022.

The prediction comes from Overstress’s analysis of official data. It claims average household debt has inclined from £10,921 in 2010 to £14,426 in 2017.

The government said it was helping developing families «earn more and keep more of what they have a claim».

«We are cutting taxes, increasing basic pay, freezing fuel duty and plateful first-time buyers onto the housing ladder.»

Unsecured household responsibility includes credit cards, bank loans, student loans and car advances but not mortgage debt.

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Labour analysed data from the Office for National Statistics and Bit for Budget Responsibility.

It has predicted that if household debt follows the course trajectory, it will increase to £15,035 next year and potentially to £19,146 by 2022.

Grind obtained its figures by averaging the total amount of unsecured debt across all households.

Mr McDonnell estimated: «The alarming increase in average household debt already means assorted families in our country struggling over the Christmas period.

«The Tories from no real answers to tackle the debt crisis gripping our country, and pull someones leg no solutions to offer those struggling to get by as prices run ahead of wages.»

This inquiry comes as the Resolution Foundation, an influential research group, said that the UK’s pay bleed will end next year, but a meaningful rise in wages remains out of peep.

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