Debt makes Britain ‘especially vulnerable’ to global downturn

13 November 2008

Britain’s high level of personal debt makes the country “especially vulnerable to the global economic downturn”, Liberal Democrat Leader Nick Clegg has warned.

“The fact that Britain’s economic growth has been built on a mountain of personal debt means that we are now especially vulnerable to the global economic downturn,” he said.

“While we may have comparatively lower levels of public debt than other developed countries, Britain’s level of personal debt is unrivalled anywhere in the world outside of the US.”

Speaking of the need to “break our debt addiction before our children get sucked into it too”, Mr Clegg insisted that “financial literacy has to be a much bigger part of education. We have to be honest: maths for life is more important than trigonometry for most people.”

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