Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what steps he is taking to reduce average household debt.

Household debt as a proportion of income has fallen to 144 per cent in Q2 2015, from a peak of 168 per cent in Q1 2008. To avoid repeating the mistakes of the past we have created the independent Financial Policy Committee (FPC) within the Bank of England, to ensure emerging risks and vulnerabilities across the financial system as a whole are identified, monitored and effectively addressed.