PressTV-UK household debt hits new high amid failing policies

The UK household debt has reached a new high as the result of the Tory government’s failing economic policies, a new research shows.

The total amounts owed by British households rose to a combined £428 billion in the third quarter of 2018, according to the Trades Union Congress (TUC), which represents the majority of trade unions in England and Wales.

This means, excluding mortgages, each UK home owed an average of £15,385 to credit card firms, banks and other money lenders, up £886 in 12 months.

The new household debt figure is well above the £286 billion record in 2008, right before the financial crisis, the TUC said, indicating that working families were on average worse off today than they were before the financial crisis.

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