Bishop hits out at ‘debt economy’

The Right Reverend Peter Selby, Bishop of Worcester, said that a high level of borrowing was bad for both the soul and society and that the government should tackle the “debt economy”.

Speaking on BBC Radio Four’s Sunday programme, Bishop Selby struck out at government schemes that are “questionable” due to the debt management involved.

“If you run your higher education system, for instance, on such a high level of debts and if you run parts of your NHS and schools on borrowing…you are saying that debt, using tomorrow’s resources today, is the right thing to be doing and I think that is questionable,” the bishop said.

He is the latest high-placed figure to voice disquiet over Britain’s growing ‘debt culture’, as with the governor of the Bank of England recently expressing his concern about the £1.2 trillion that individuals owe.

For those seeking to take action, advice on becoming debt free does exist and can help avoid a crisis.