Response to the Autumn Budget 2018
George Robbins, our director of financial services, responds to the Autumn Budget:
“While the Autumn Budget revealed government borrowing was on a downward trend, which should be commended, the chancellor failed to discuss how years of austerity have seen UK consumer debt on the rise. This year it increased to £200bn, made up of car finance, personal loans and credit cards, and despite recent Bank of England figures showing a slow in consumer borrowing last month – and Philip Hammond’s assurance that the era of austerity is over – the extent of current consumer borrowing means responsible lending must remain firmly in the spotlight.
“To protect consumers, and themselves, all lenders need to ensure they are using robust data to assess a borrower’s affordability and to avoid the dangers that can arise from an increase in consumer debt. Ultimately, lenders need to understand the whole financial picture of their customers, so they can make an accurate risk assessment, and ensure customers aren’t borrowing beyond their means.”