Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent estimate he has made of the level of average household debt.

The Office for National Statistics (ONS) produces quarterly estimates of household debt in the UK, but not for estimates of average household debt in the UK. These estimates can be used to be measure household debt-to-income ratios, which provide a better measure for current levels of household debt in the economy by accounting for changes in both prices and the size of the population.

In the UK as a whole, the household debt-to-income ratio was 139% in Q3 2018. This remains significantly below the pre-crisis peak of 160% in Q1 2008. Debt interest payments as a share of income remain low by historical standards and below pre-crisis levels. Household net financial wealth as a proportion of income remains close to record highs and above pre-crisis levels.