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Rise in personal debt “not the cause of the crisis”
05/02/2009
The rise in personal debt in Britain was not the cause of the ongoing economic crisis, Prime Minister Gordon Brown has insisted.
He made the remark in the BBC’s Politics Show, during which he stated that the regulatory system which “wasn’t strong enough to meet what was effectively... a global financial freezing up”.
As The Times reports, the Prime Minister stressed at Davos that international cooperation was ‘the key factor’ to coming through the recession, as national efforts would be less effective on their own.
The latest figures from the Bank of England show that personal debt stood at £1.4567 trillion in December.
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