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British loan claims 'masking lack of wealth generation'

Brits' love for credit card charges, loan claims and borrowing cash in other ways could have hidden the fact that the country is failing to produce enough wealth.

Spring Partnerships director and business analyst Stephen Archer said this has been the "root cause" of the "crisis" of both sovereign and consumer debts.

He pointed out some credit card claims allow people to run up a loan of £5,000, which he argued is a "frightening combination" when set against the average income of £26,000.

In the 80s and 90s, businessmen were arguing that members of the public ought to take on more debts, the specialist remarked.

"For a whole generation, there has been a denial that there could ever be a day of reckoning," he added.

Using credit to pay for items has "masked the reality" that the nation is not generating enough money to sustain the populace's standard of living, Mr Archer added.

Furthermore, households are typically spending ten per cent of their income to pay the national debt interest, he noted.

Paying off the interest on the amount of money Britain owes cost taxpayers £42.9 billion over 2010.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801389130-ADNFCR

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