Rachel Reeves responds to Bank of England Debt Statistics

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Labour responds to consumer debt figures, revealing the average Brit in 2030 will still be poorer than the average American in 2000. With Bank of England debt statistics today show soaring consumer debt, as individuals borrowed an additional £800 million in May, Labour today releases a new analysis showing how the UK’s economic prospects lag compared to other countries.

On current trends including today’s announcement, the average Brit in 2030 will still be poorer than the average American was in 2000 – or the average Norwegian was in 1996.s

With figures today showing credit card borrowing increasing by 11.2% on the year and other consumer credit such as car finance and personal loans rising by £400m, this adds to the worry that without growth and stronger public finances, the British economy will continue down a low wage, low living standards spiral.

Labour’s Shadow Chancellor Rachel Reeves said:

“Today’s figures show consumer confidence is at rock bottom as growth and living standards continue to fall.

“That the average Brit in 2030 will be worse off than the average American in 2000 tells you all you need to know about how the Conservatives have mismanaged our economy.

“The low wage, low growth, high tax spiral we face needs more than sticking plasters.

“We must secure our economy and make it stronger by getting growth back on course, as the last Labour government did.”

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