MP, Labour’s Shadow
Economic Secretary to the Treasury, responding to
UK Finance figures showing the outstanding level of credit card
borrowing growing by 4.3 per cent in the twelve months to
February, said:
“The Conservatives have created an economy with spiralling
personal debt, at the same time as wages of those at the top
skyrocket.
“With average real wages still below pre-crisis levels, this is
clearly an economy working for the few and not the many.
“Labour will act to stamp out the scourge of high personal debt
and introduce a real living wage of at least £10 per hour.”
Ends
Notes to Editors
UK Finance figures for Household Finance for February 2019 online
here, showing outstanding credit card borrowing growing by 4.3%
in the twelve months to February 2019 and personal borrowing
through loans in February 2019 2.3% higher than the same month a
year ago: https://www.ukfinance.org.uk/sites/default/files/uploads/Data%20(XLS%20and%20PDF)/UKF_HouseholdFinanceUpdate_February2019.pdf
The Office for Budget Responsibility in its Economic and Fiscal
Outlook in March 2019 projected that the ratio of household debt
to income would rise to 143% by 2024: https://www.ukfinance.org.uk/sites/default/files/uploads/Data%20(XLS%20and%20PDF)/UKF_HouseholdFinanceUpdate_February2019.pdf
Labour’s plan for tackling personal debt: https://labour.org.uk/press/labour-will-end-low-paid-debt-trap-scandal-3m-people-mcdonnell/
