The Conservatives is to launch an independent commission on household debt in the hope it will come up with some solutions on how to ease the debt burden on the average British family.
Economist Lord Griffiths will be chairing the commission, which will be looking at how families get into debt spirals, and how they can be helped.
Lord Griffiths says: "Problems with debt affect poorer and more vulnerable people especially. Imaginative and constructive solutions to these problems are urgently needed, and I believe that the commission will play a valuable role in helping to find them."
The commission will be independent of the Conservative Party, but it will still report to the shadow chancellor Oliver Letwin.
Letwin says: "This a serious undertaking with a serious mission. On current trends, household debt will break through the £1 trillion barrier this autumn.
"For increasing numbers of people, debt is becoming a serious problem. It will require both wisdom and imagination to formulate a sensible and effective approach. I believe the time has come for such width and depth," he adds.
The members of the commission will be announced later today.IFAonline
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