25 Jul 2017

Bank of England warns on household debt

Washington Correspondent

Household debt can be dangerous when it’s taken to excess, the Bank of England has warned – telling high street banks, credit card firms and car loan providers they risk fresh action against reckless lending. The bank’s director for financial stability Alex Brazier said banks were getting into a “spiral of complacency” over mounting levels of consumer debt, and he said that could pose a danger to the entire economy.