Britain’s shadow chancellor warns of ’alarming’ rise in household debt

British household debt is expected to continue its "alarming" increase over the next four years, the country’s shadow chancellor John McDonnell has said.

British household debt is expected to continue its "alarming" increase over the next four years, the country’s shadow chancellor John McDonnell has said.

His prediction came after the British Labour party analysed data to claim average unsecured debt per household is projected to increase from £14,426 this year to £15,035 in 2018 and potentially £19,146 by 2022.

These figures - which assume all households have unsecured debt - take into account debt linked to credit cards, bank loans, student loans and other sources but not mortgage debt.

Data from the British Office for National Statistics and Office for Budget Responsibility has been used by Labour to compile its projections.

Mr McDonnell said: "The alarming increase in average household debt already means many families in our country struggling over the Christmas period.

"The Tories have no real answers to tackle the debt crisis gripping our country, and have no solutions to offer those struggling to get by as prices run ahead of wages."