Lord Kinnock – 2014 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Lord Kinnock on 2014-06-12.

To ask Her Majesty’s Government what figures for household debt in the United Kingdom were provided by the Office for Budget Responsibility in each year from 2010–11 to 2013–14 and estimated for 2014–15; and what is the percentage represented by such debt of (1) national income, and (2) disposable income, in each year.

Lord Deighton

The OBR publish figures for household debt, GDP and disposable income on their website alongside their Economic and Fiscal Outlook.

In 2010-11 total lending to households in the United Kingdom or debt liabilities was estimated to be £1.53 trillion in the National Accounts produced by the Office for National Statistics, this is equivalent to 102% of annual Gross Domestic Product and 152% of household disposable income in that year. In 2011-12 the figure was 1.53 trillion (99% and147% respectively), and in 2012-13 the figure was 1.54 trillion (98% and 143%). These data are not yet available for 2013-14. In their March 2014 Economic and fiscal outlook the Office for Budget Responsibility forecast these figures to be 1.66 trillion in 2014-15 (97% and 144% respectively).