For 10 years, individuals, companies and the public sector have all been living on credit, going still deeper into the red. Meanwhile, as a nation, we're saving less of our income than at any time since the 1950s. Amid government inertia and misguided intervention by the Bank of England, the day of reckoning is approaching, says Phillip Blond Sunday, 6 July 2008 Gordon Brown has campaigned forcefully for a 100 per cent write-off for Third World debt. Yet, while cancelling foreign loans, he has presided over an unprecedented 10-year explosion in domestic debt. In Britain, personal, household and company debt has risen to extraordinary levels, while public-sector borrowing is now approaching the historic highs of the 1980s. Total UK personal debt (including secured and unsecured lending) at the end of May stood at £1,443bn, 8...
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