Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the risk of an increase in unaffordable consumer debt, including credit-card debt, in the new year.

This question was answered on 12th December 2023
The Government regularly engages with the Bank of England, Financial Conduct Authority (FCA) and the Money and Pensions Service (MaPS) to monitor personal finances.

The Government remains committed to helping people in problem debt access the support they need to get their finances back on track. This is why the Government continues to maintain record levels of debt advice funding for MaPS to provide debt advice in England, bringing their debt advice budget to £92.7 million in 2023/24.