Household debt set to reach 'record high' this year, TUC suggests

An analysis published by the Trades Union Congress (TUC) has suggested that unsecured debt per UK household will reach a record high of £13,900 over the course of this year.

25 May 2017

An analysis published by the Trades Union Congress (TUC) has suggested that unsecured debt per UK household will reach a record high of £13,900 over the course of this year.

Unsecured household debt is set to exceed £15,000 before the end of the next Parliament, the analysis also revealed.

The rise in household debt may be attributed to stunted wage growth, and reflects the UK’s ‘ongoing living standards crisis,’ said the TUC. It also found that wages in the UK are currently worth £20 per week less than before the financial crisis.  

The business group is urging the next government to act urgently to deliver higher wages for UK workers.

Frances O’Grady, General Secretary of the TUC, said: ‘The surge in household debt is putting the economy in the danger zone.

‘We’ve got this problem because wages haven’t recovered. Credit cards and payday loans are helping to prop up household spending for now, but millions of families are running on empty.’

Try a site search

About us

Ling Phipp was founded in 1974 and nowadays has two partners, six managers plus trainees and support staff.

We serve clients in the East Midlands and all over the UK. Our out-of-town location, with easy parking, close to the M1 junction 25 (Nottingham/Derby - A52), is very convenient.

Company details

0115 949 6838

Ling Phipp, Cliffe Hill House, 22-26 Nottingham Road, Stapleford, Nottingham NG9 8AA


© 2018 Ling Phipp. All rights reserved. We use cookies on this website, you can find more information about cookies here.

Registered to carry on audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk, under reference number 6424855. This is the firm number provided by the Institute of Chartered Accountants in England and Wales.