Household debt

Meeting: 
MQT on 2017-01-18
Session date: 
January 18, 2017
Reference: 
2017/0317
Question By: 
Fiona Twycross
Organisation: 
Labour Group
Asked Of: 
The Mayor

Question

Recent data from the Bank of England shows personal debt grew 10.8 per cent in the past year to £192.2bn in the UK - the highest level since December 2008. Debt counsellors say many debtors are now using credit cards to pay for essential living costs which are likely to increase as inflation is expected to rise in 2017. Will you lobby the Government to introduce the "breathing space" scheme which is now a year overdue?

Answer

Answer for Household debt

Answer for Household debt

Answered By: 
The Mayor

I want to see a reduction in levels of problem debt, and increases in financial literacy and awareness of affordable credit products and debt advice services in London.

The role that I can play in tackling problem debt in London is being taken forward as part of our wider work around economic fairness - for which an early area of work will be considering the most relevant metrics on which to focus.

Officers have met representatives from Toynbee Hall, StepChange and the Money Advice Service, and are currently considering how my actions can complement those of organisations already active in this field.