In the wake of another increase in the cost of borrowing, the Tories insist that rising costs of living has been Gordon Brown’s legacy after ten years as chancellor of the exchequer.
Citing figures from the Bank of England showing 31 per cent of British adults are struggling with their personal debt management burdens, the Tories suggest that the issue of indebtedness is now a serious one for millions of consumers.
Shadow chief secretary to the Treasury Philip Hammond commented: “Many families are struggling to cope with rising mortgage payments, higher taxes and falling real incomes.
“The result is that saving is the lowest for almost 50 years and personal indebtedness is soaring. This is Gordon Brown’s true economic legacy.”
Average household debt outside of mortgage arrears in the UK amounts to more than £8,800, according to figures from Credit Action.