Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment he has made of trends in the level of household debt.

The Government regularly engages with the Bank of England, Financial Conduct Authority (FCA) and the Money and Pensions Service (MaPS) to monitor levels of household debt and their impacts.

The Government remains committed to helping households that are struggling with debt to access the support they need and get their finances back on track. This is why the Government has maintained record levels of funding for MaPS to provide debt advice in England, bringing their debt advice budget to £92.7 million in 2023/24.

We have also taken steps to support those on low incomes, who are vulnerable to debt burdens. In response to the energy crisis, the government provided one of the largest support packages in Europe. Total Government support over 2022/23 to 2024/25 to help households with the high cost of living is worth £104 billion – an average of £3,700 per UK household.

A House of Commons research briefing on household debt can be found here: https://commonslibrary.parliament.uk/research-briefings/sn02885/