George Osborne’s economic miracle is built on a mountain of personal debt

George Osborne’s economic miracle is built on a mountain of personal debt

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“Earlier this year, the Centre for Social Justice – set up by Iain Duncan Smith himself – reported that total household debt had soared to £1.47tn, the highest level ever, and that Britons were being driven into debt to pay their bills. As a nation, household debt makes up around 135% of our personal income, and earlier this year, the OBR suggested that could reach 182% of disposable income by 2019, up from 169% when Lehman Brothers crashed. In 2013, only three other countries out of 53 surveyed had higher total household debt; per capita, Britain came 11th.”

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