UK Money News
23rd November 2007
Britain's debt troubled 'could rise'
The number of Britons needing help with loans could be set to increase, according to comments made by the Bank of England's deputy governor, Rachel Lomax.
Speaking to the Hull and Humber Chamber of Commerce, Ms Lomax said that while mortgage arrears and repossession levels remain below their peak levels, the proportion of income allocated to covering debts has risen.
"The share of income which needs to be devoted to interest rate payments was already set to rise sharply, largely as a result of rising debt levels," Ms Lomax said.
She added that the number of households needing help with debt is also on the increase, referring to them as a "growing minority".
Ms Lomax was among the members of the Bank's monetary policy committee (MPC) who voted against a reduction in the base rate of interest when the committee met earlier this month.
In minutes published this week, it was revealed that the MPC voted seven to two in favour of maintaining the base rate at 5.75 per cent.
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