May 10, 2014

The UK's Hidden Time Bomb

Jeremy Warner, Daily Telegraph

The Associated Press

Our debtors’ prisons are gone and our bankruptcy laws are altogether more benign and forgiving. There are still many in Britain who will find plenty of truth in Micawber’s abiding observation: “Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.” But the fact is that debt is now a national habit which has largely lost its Victorian sense of shame.

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TAGGED: Global Economy, UK

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