Household debt set to reach 'record high' this year, TUC suggests

25 May 2017

An analysis published by the Trades Union Congress (TUC) has suggested that unsecured debt per UK household will reach a record high of £13,900 over the course of this year.

Unsecured household debt is set to exceed £15,000 before the end of the next Parliament, the analysis also revealed.

The rise in household debt may be attributed to stunted wage growth, and reflects the UK’s ‘ongoing living standards crisis,’ said the TUC. It also found that wages in the UK are currently worth £20 per week less than before the financial crisis.  

The business group is urging the next government to act urgently to deliver higher wages for UK workers.

Frances O’Grady, General Secretary of the TUC, said: ‘The surge in household debt is putting the economy in the danger zone.

‘We’ve got this problem because wages haven’t recovered. Credit cards and payday loans are helping to prop up household spending for now, but millions of families are running on empty.’


hcwa_logoBAS_logoicaew_logoChartered Tax Advisers logo
Copyright

© 2018 Mark J Rees LLP. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
0116 2549018

Address
Mark J Rees LLP, Granville Hall, Granville Road, Leicester, Leicestershire LE1 7RU

Mark J Rees LLP is a Limited Liability Partnership Registered in England & Wales Number OC362074. A list of members’ names is available at the business address. MJR, Mark J Rees and MJR Wealth Management are trading styles of Mark J Rees LLP which is registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales and authorised and regulated by the Financial Conduct Authority.

‘Partner’ refers to a director of a corporate member.