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Question for Treasury

UIN 134417, tabled on 4 March 2022

To ask the Chancellor of the Exchequer, what forecast his Department has made of the potential change in household debt as a share of household disposable income over the next 12 months.

Answered on

15 March 2022

The Office for National Statistics (ONS) produces estimates of household debt in the UK. In the UK as a whole, household debt-to-income was 136.5% in 2021 Q3. This compares to a pre-financial crisis peak of 159% in 2008 Q1.

In their October 2021 forecast, the independent Office for Budget Responsibility (OBR) estimated that household-debt-to-income would fall by 0.6 percentage points in 2022, and remain unchanged during 2023. The OBR will publish an updated forecast on 23 March 2022.

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