Second, if there is a personal debt crisis it has developed on Mark Carney’s watch. Where is the mea culpa for failing to put appropriate measures in place to stop it developing? The signs have been there for some time, as I, amongst many others, have noted.
Third, why isn’t the Bank being blunt in saying that the solution to this is to be found in fiscal policy, led by government investment that would boost real economy, actively increase productivity and drive up wages?
And come to that, why isn’t it saying that this crisis is the consequence of austerity that has forced people into debt and what is needed now is a fiscal stimulus by relaxing that policy?
The solution to a debt crisis is to borrow more.