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The Financial Services Authority (FSA) has announced plans for a significant restructuring of the authority. We will see the retail and wholesale divisions merged into one business unit, risk...
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Tuesday 19th August 2008
How ironic that just a few days after the release of a scathing report on the northern cities of the UK, we see that the area where all northerners were advised to move to has topped the debt league in the UK. The south-east of England is top of the table for debt issues with the average person having run up over £26,000 in unsecured debts, not to mention the mortgages which many will also have outstanding.
However, it will come as no surprise to learn that the league of debt for specific cities sees London literally streets ahead with the average consumer having debts of just over £41,000. As the cost of living continues to rise and interest seem steady at current levels for the time being it seems inevitable that more and more Londoners will see their financial health deteriorate over the coming months.
On a lighter note it was the Orkney port of Kirkwall which came bottom of the UK debt league with average unsecured debts around the £4,200 mark, but a fraction of those from the capital!
While places such as London continue to suffer there are many forecasting that the English capital will still lead the UK out of recession when the tide finally turns. |
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