UK: Working-class families in record levels of debt
By
Joe Mount
12 November 2016
New figures reveal that household debt in Britain has reached the record level of £1.5 trillion after growing by 3.5 percent since last year, according to the Bank of England.
This is equivalent to 82 percent of the value of the UKs entire economic output each year. It is placing an unprecedented financial burden on working-class households due to rising house prices and depleted savings.
Indebtedness is becoming the new normal for families struggling to make ends meet. Economic stagnation and government austerity measures are eviscerating incomes and pushing thousands …
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