At the risk of being labelled ( again ) as a glass half-empty guy ( which I most certainly am not ) it’s perhaps appropriate to note this article posted by the BBC earlier, given that the GBP rally is being attributed to a rise in household consumption ( and a few thousand stop-losses).
The report comes from a survey done by the Money Advice Service and suggests that the number of people in the UK in “serious” debt now totals almost 9 mln.
The MAS, which is backed with public money and independent, said that for the first time the survey had provided a detailed understanding of the lives of those who are in debt.
Latest figures from the Bank of England suggest that personal borrowing, including mortgages and unsecured loans, is now at £1.43 trillion which is the same level of borrowing that was reached during the pre-crisis peak in sept 2008.
And that has to be a worry, as the divide between “haves” and “not haves” grows ever wider and pay-day lenders wreak ever increasing havoc, even if the govt is trying to cap the obscene amount of interest and penalties that they charge.
The reality of the UK economy should never be too far from the headlines and I post this only to illustrate that there are always two sides to a story, as indeed there are to a trade.
More from the Beeb here
And the MAS here
