Household Debt Serious Threat to UK Recovery, Says Bank of England Deputy

High household debt is a key risk to the recovery, the Bank of England deputy governor Sir Jon Cunliffe has warned, saying the Bank's measures to rein in the housing market should be thought of as insurance against a major crash. In a speech at the International Festival for Business in Liverpool, Cunliffe said UK household debt was equal to 135% of household earnings, compared with 110% in 2000, although it reached 165% in the runup to the financial crisis. The level was markedly higher than in other European countries and on a par with the US, he said. Read more on the Guardian website.