I was pleased to see the following encouraging news about the long term health of the UK economy:
And I was saddened to see the response:Personal borrowing fell by £600m in July, taking the total owed by individuals down to £1.457 trillion.
There was a drop in both mortgage debt and other forms of borrowing such as bank loans
Today's news will not make happy reading for policy makers who have taken significant steps over the last year to encourage greater volumes of lending throughout the economy

Isn't this one area (of many?) where the notion of the representative agent is very misleading? I mean, the change in net aggregate debt is the sum of heterogenous activities. Seen in this light, it's both a good thing and bad thing.
We can welcome the fact that some people are paying off their mortgages.
But also, overall net lending is falling because some people can't borrow as much as they would like, which is in part of course because banks are in poor shape, and policy measures to address this aren't (yet?) working.
So, maybe your response and policy-makers' disappointment are both reasonable.
Posted by: chris | September 01, 2009 at 02:54 PM
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Posted by: Debt Rescue Relief | September 11, 2009 at 06:54 AM