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Deflationary Hurricanes to Hit U.S. and U.K.

Posted on June 30, 2008

Congratulations (of sorts) go to the UK as British household debt is highest in history.British households are now more indebted than those of any other major country in recorded history, it has emerged.Families in the UK now owe a record 173pc of their incomes in debts, official figures have shown. The ratio of debt to income is higher than any other country in the Group of Seven leading industrialised economies, and is sharply higher than the 129pc of incomes it was five years ago.Michael Saunders of Citigroup warned that - at 173pc of household incomes - the debt burden is higher even than ...

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