Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what forecast his Department has made of the potential change in household debt as a share of household disposable income over the next 12 months.

The Office for National Statistics (ONS) produces estimates of household debt in the UK. In the UK as a whole, household debt-to-income was 136.5% in 2021 Q3. This compares to a pre-financial crisis peak of 159% in 2008 Q1.

In their October 2021 forecast, the independent Office for Budget Responsibility (OBR) estimated that household-debt-to-income would fall by 0.6 percentage points in 2022, and remain unchanged during 2023. The OBR will publish an updated forecast on 23 March 2022.