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News - 3 June 2004
|A trillion pounds on tick|
On June 10th UK consumer debt is forecast to reach £1 trillion
Consumers are increasing their debt levels at a staggering rate of £15m per hour as the total sum races towards a staggering £1,000,000,000,000.
In April alone the amount of debt on mortgages, credit cards and personal loans increased by over £11 billion making an increase in interest rates even more likely when the Bank of England’s MPC meets next week which will increase pressure on Britain’s manufacturing sector. Clearly earlier rises have not yet had the effect of putting the brakes on consumer spending buoyed up by increasing house prices and low unemployment.
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