Commenting on figures published by the ONS today (Friday), which shows that unsecured borrowing is at its highest level (as a share of household income) in 8 years, TUC General Secretary Frances O’Grady said: “Today’s figures should set alarm bells ringing. The last thing our economy needs right now is another consumer debt crisis. But with wage growth stalling and prices rising, many households are having to rely on credit cards and loans to get through the month.
“People raiding their piggy banks and borrowing more than they can afford is what helped drive the last financial crash. Ministers need to set out a plan for how they will protect living standards as we leave the EU. This must include a more ambitious programme for infrastructure spending to create better-paid jobs across the country. And end the unfair pay restrictions for public sector workers.”