PARLIAMENTARY WRITTEN QUESTION
Credit (5 July 2017)
Question Asked
To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of the recent rise in consumer credit on household debt.
Asked by:
Kirsty Blackman (Scottish National Party)
Asked by:
Kirsty Blackman (Scottish National Party)
Answer
Consumer credit growth remains below its pre-crisis average (from 1997-2007), and household debt-to-income stands at 145% in Q1 2017, significantly below the pre-crisis peak of 160% in Q1 2008.
The government has made significant changes to strengthen regulation of the UK’s consumer credit market. In addition, the independent Financial Policy Committee was set up by the government to assess and mitigate financial stability risks, and has taken action to ensure against a significant rise in highly indebted households.
Answered by:
Steve Barclay (Conservative)
10 July 2017
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