UK 3Q 2013 GDP rise driven by consumer spending but UK consumer debt is at Sept. 2008 pre-crisis peak-BBC

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11/26/13, “Nine million in ‘serious’ debt across the UK,“ BBC

“Latest figures from the Bank of England suggest that personal borrowing, including mortgages and unsecured loans, is now at £1.43 trillion.

That is the same level of borrowing that was reached during the pre-crisis peak in September 2008.” (end of article)

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11/27/13, “UK GDP growth driven by rise in consumer spending,” BBC

“Economic growth in the UK was driven by consumer spending in the third quarter of the year, Office for National Statistics (ONS) figures show.

The ONS kept its estimate for economic growth in the quarter at 0.8%, which is the fastest pace for three years.

Consumer spending, which accounts for nearly two-thirds of the UK’s economic activity, also rose by 0.8%, the most since the second quarter of 2010….

But exports from the UK fell by 2.4% in the third quarter, while the net trade deficit widened to £8.9bn from £5.5bn.
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Jeremy Cook, chief economist at currency brokers World First, said the growth in private consumption, house building and investment had to “make up for a violent slip in exports”.”…
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“Those hoping for a rebalancing of the economy away from consumption and imports will be disappointed. Exports in the third quarter experienced the biggest drop for more than two years. Net trade proved to be a major drag on overall economic growth.”…Hugh Pim, BBC Economics Correspondent
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11/27/13, “Britain’s debt timebomb: Nine million are in serious debt and nearly half have struggled with repayments for more than a year,” UK Daily Mail, Matt West
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“Over 5m of those struggling to make ends meet are in full employment.
Nearly 4.5m are homeowners and 3.5m are scared to talk to creditors.
North and South divide with worst debt problems in northern cities.”
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Nov. 2013, “Indebted lives: the complexities of life in debt,” moneyadviceservice.org.uk
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“This large and diverse group represents 18% of the UK adult population and within it there are a range of different levels of knowledge and skills, and different attitudes and behaviours towards debt and seeking advice.”…


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