Mark Carney Governor of the Bank of England Warns About Private Debt

At a press conference following the publishing of the Financial Stability Report and the stress tests, BoE Governor Mark Carney warned about the high lever of household debt in the U.K. The report showed that the overall ratio of household debt-to-income was 133 percent in the second quarter of 2016. The BoE said that was high by historical standards, although not as high as during the 2008 financial crisis. Carney said consumers were borrowing more on their credit cards and through other forms of unsecured debt, which is rising at its fastest pace since 2005. “We are going to remain vigilant around the issue, because we have seen this shift,” he said.