Jonathan Reynolds MP, Labour’s Shadow Economic Secretary to the Treasury, commenting on the latest Household Finance Update by UK Finance, said:

“This latest Household Finance update shows that credit card spending in December was 8.8% higher than the same month in the previous year. Personal borrowing through loans and overdrafts has also increased by 3.4%.

“This is yet more alarming evidence of the Tories’ low wage economy with people heavily reliant on debt just to get by.

“Labour will cap interest on consumer credit, introduce a £10 per hour real living wage, and scrap university tuition fees to take real action to avert this debt crisis.”