Household debt to hit £1trn - papers 3 June

The total debt in April stood at £985bn, but credit cards, mortgages, overdrafts and loans added £1.1bn in that month alone, and there is no sign of a decrease in consumption despite rising interest rates. Another increase in interest rates is being talked of as a certainty either this month or next, the paper writes. MANY OF Germany’s 120-odd life assurers face extinction because of the cost of redesigning products to meet new tax rules being introduced, the FT reports. At stake is a tax exemption on endowment policies, which the government has now scrapped and replaced with a rul...