Business Services Industry
IMF issues warning about UK household debt.
Knight Ridder/Tribune Business News, September, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Sep. 16--The International Monetary Fund warns that record high levels of debt held by British households may take years to clear in an era of low inflation.
The Global Financial Stability Report notes that household debt as a proportion of national wealth has increased in the richest nations. Britain has the highest level of debt at 95 percent. This is higher than in the US at 82 percent and 48 percent in euroland.
Borrowing in the UK has been fuelled by the housing boom. It notes that "successive rises in official interest rates have had little effect on overall household credit growth."
But there are signs that the housing market may be slowing. A shift to fixed-rate...
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