RT and the U.K. Liberal Democrats’ website noted that the recent economic forecast report released by the Office for Budget Responsibility (OBR on Nov. 22, projects that the household debt in the U.K. will increase from its current level of £73 billion to £151 billion in 2026 (approximately $89.5 billion to $185.3 billion). That’s right—the debt will more than double over the next three years.
RT explained, “According to the forecast, the cost of paying back the debt will be some $63 billion higher than it was during the 2008 financial crisis.
“People will be forced to shell out an extra $289 per month by 2026, compared with $50 that the average earner will save from Chancellor Jeremy Hunt’s newly announced cut to National Insurance.
“According to The Telegraph, the Liberal Democrats have attributed the soaring debt burden to the Bank of England’s interest rate hikes.”
