Household debt is £1,557.6bn, MP is told

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The total houshold debt across the United Kingdom now stands at £1,557.6billion, DUP MP Gregory Campbell has been told.

The East Londonderry MP asked the Cabinet Office what the aggregate household debt was in the UK.

He was advised: “Household ‘debt’ can be interpreted as the accumulated ‘Total financial liabilities’ of the household and NPISH sector. These are predominantly made up of short and long term loans.

“The United Kingdom Economic Accounts (UKEA) shows that for households and non-profit institutions serving households (NPISH), the combined ‘Total financial liabilities’ in 2014 Q1 was £1,557.6 billion.”

The Office for National Statistics regularly publishes details of the financial liabilities of households and NPIS.

The Cabinet Officer said Quarter 1 2014 were the latest figures available.