Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what plans he has to tackle the increase in household debt.

The household debt-to-income ratio was 138% in Q4 2017, significantly below its pre-crisis high of 160% in Q1 2008. However, the government recognises the importance of supporting people who are over-indebted.

The government is setting up a new Single Financial Guidance Body, which will provide consumers with a single point of contact for help with all financial matters, and commission high-quality, free to user debt advice.

The government is also implementing a breathing space scheme, which will provide people with unmanageable debt a period of respite from creditor action of up to six weeks, in order to seek debt advice and enter into a sustainable debt solution.