''UK being crippled by debt says McKinsey''

from london loves business....

"Total debt in the UK is now the second highest of the world’s ten largest mature economies. Total UK public and private sector debt reached 507 percent of GDP in mid-2011, compared with 487 percent at the end of 2008 and 310 percent in 2000, before the bubble.


Mortgage debt is one particular area of concern: McKinsey says: “The Bank of England estimates that up to 12 percent of home loans are in a forbearance process. Another 2 percent are delinquent. Overall, this may mean that the UK has a similar level of mortgages in some degree of difficulty as in the United States.”