A £1.5 Tn debt time bomb but Boris is happy

Boris writes an odious article, triumphant in tone, calling the peoples of Spain, Portugal, Greece and Ireland ‘bludgers’ and demanding we thank him and his kind for not joining the Euro.
Meanwhile the Bank of England warns that the household debt of almost 1.5 trillion isn’t falling, even at record low interest rates.
That debt bomb is causing sleepless nights for millions.
Loony Lord Young (yes why not call the hard Right loony as they did to the Left once), got it wrong with his Mcmillanesque remark.
People aren’t having it that good because almost half of mortgage debt is on fixed-rate.
Credit card rates have increased, not decreased.
People have not been paying down the mortgages.
This debt bomb will explode if inflation causes a hike in interest rates in 18 months.
It will explode in the faces of the Looney Youngs and Missing Mayor.

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