British families in 2017 spent more than they earned, for the first time since 1988

In 2017, the expenses and investments of British families on average exceeded their income by 900 pounds, which is observed in the country for the first time since 1988. This was reported by the Office for National Statistics. Last year, the British as a whole spent 25 billion pounds more than they earned. The Office noted that excessive spending is most often observed among the citizens with the lowest incomes, and 10% of the most unsecured British spend 2.5 times more than their real incomes. The total debt of the British population reached a record 1 trillion 600 billion pounds sterling. Politicians fear that in case of higher rates on loans, citizens may face difficulties in repaying loans.

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