National Debt

Lord Alton of Liverpool Excerpts

Wednesday 14th March 2018 Lords Chamber

[Lord Bates]

I again refer to the Statement, in which the Chancellor announced that in areas of high demand and low affordability local authorities would be given that additional flexibility, which is welcome.

[Lord Alton of Liverpool (CB)]

My Lords, while we welcome the reductions in national debt, will the Minister confirm that household debt has been going in the opposite direction and that over the last five years there has been a 7% increase in personal debt to a staggering £1.6 trillion? Given that this is quite an albatross around the necks of many of the poorer families to which the Minister has referred, what are the Government doing to try to reduce the levels of personal debt?

[Lord Bates]

There are two things that we can do. One we have done already: the action that we took on payday loans, placing a cap on the appalling rates of interest that were being charged, was the right thing to do. Extending that to other areas of financial services is also right. But ultimately, the best thing that we can do for people who are struggling with debt is to provide work and opportunities so that they can repay that debt and provide a living and a hope for the future of their families.