New economic crash fears as British families run £40bn deficit
British families are on course to spend £40bn more than they earn this year, fuelling fears that the country’s economic growth is based on soaring levels of debt and could easily collapse.
The forecast by the independent Office for Budget Responsibility (OBR) led to warnings that the UK could be heading towards a credit crunch similar to that of 2008 because of unsustainable levels of borrowing and household spending.
Five years ago UK households were firmly in the black, running a Read more [...]