Alistair Darling, the Chancellor, today launches an attack on banks for lending too freely and allowing consumer debt to spiral to record levels, The Daily Telegraph reports.
Alistair Darling says the key is to make the system ‘more open and transparent’. People should consider the consequences more carefully before signing up to loan deals, he says. His remarks will be seen as a watershed, marking the end of the credit boom that has characterised most of Labour's decade in office. Mr Darling says: "They [borrowers] need to ask themselves, 'can I repay this?' and lenders need to ask themselves, 'If it goes wrong can I get it back?' "People do need to think long and hard about this. One of the by-products of the current situation is that, not just at a high ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes