Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the effects on the economy of the level of (a) consumer borrowing and (b) personal loans.

Household debt as a proportion of income has fallen to 144% in Q2 2015, from a peak of 168% 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.