High interest rates and a weakening in the economy are bringing personal debt back to centre stage in politics, says Vince Cable, leader of the Liberal Democrats and a keynote speaker at the Credit Summit.
Writing exclusively for Credit Strategy, Cable said one of the main factors leading to the 2008 financial crash in the UK was the build-up of personal indebtedness and in particular, mortgage debt.
He said personal indebtedness as a share of GDP declined after the crisis as banks reined back on lending and households became more cautious, but he stressed that “we are now heading to pre-crisis levels.”
Speaking on issues adding pressure to the financial stability of the UK, Cable said Brexit is a key uncertainty.
He said there is not a version of Brexit that will be as financially advantageous as staying in the EU, claiming that “Brexit will damage the economy”.
Cable’s full opinion article will be published in Issue 228 of Credit Strategy, which will be available at the Credit Summit and with subscribers from March 12. If you are not yet signed up to receive the magazine, see here.
At the summit, Cable will be speaking alongside John McDonnell, shadow chancellor of the exchequer, and broadcaster Evan Davis.
Ahead of the event, delegates will be able to pick and choose the conferences and sessions they wish to attend by building their own bespoke agenda from our new website.
A new private networking tool will also be available to use, where you can see who is attending the event and set up 1-2-1 meetings. The tool can be found online here.