Seema Malhotra – 2015 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Seema Malhotra on 2015-12-14.

To ask Mr Chancellor of the Exchequer, if he will make an assessment of the effect of recent increases in household debt on economic growth.

Harriett Baldwin

Household debt as a proportion of income has fallen to 144 per cent in Q2 2015, from a peak of 168 per cent in Q1 2008. To avoid repeating the mistakes of the past we have created the independent Financial Policy Committee (FPC) within the Bank of England to ensure emerging risks and vulnerabilities across the financial system as a whole are identified, monitored and effectively addressed. Alongside this, the UK was the fastest growing economy in the G7 in 2014.