Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the impact of the rising cost of living on levels of personal debt.

The Government is committed to monitoring and understanding personal debt levels in the UK, including the impact of cost-of-living pressures, and help individuals access appropriate guidance and support if they need help to get their finances back on track. The Government monitors personal debt levels by working closely with the Money and Pensions Service (MaPS), the Financial Conduct Authority (FCA) and by engaging regularly with many other stakeholders on their research and findings.

The FCA conducts a biennial Financial Lives Survey which provides a comprehensive insight into the finances of the UK population. MaPS monitors financial difficulty through an annual survey of 22,000 people. The results of MaPS’ latest Debt Need Survey were published on 23 February 2022.