UK Debt surpasses Total Annual UK Income

23rd August 2007

Debt in the UK has surpassed, for the first time, the total annual income for all UK’s residents. Total debt stands at £1,335 trillion whereas total income stands at £1,300 trillion per year. However, with the rising cost of property the total UK assets stand at over £6,000 trillion.

This works out at just over £22,000 debt per UK resident. The breakdown of this UK debt is split between mortgages at 86%; whilst the other 14% accounts for shorter term debt such as credit cards and loans.

Source: BBC, August 2007