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Debt binge threatens UK economy as IMF warns of financial crash

Section: Daily Dispatches

By Hugo Duncan
Daily Mail, London
Sunday, October 8, 2017

A surge in household borrowing is paving the way for another financial crisis, according to the International Monetary Fund.

In a hard-hitting report published ahead of its annual meetings in Washington this week, the watchdog warned of "risks down the road" from rising levels of debt.

And raising the prospect of a new financial disaster, ten years on from the last, the fund said: "Higher household debt is associated with a greater probability of a banking crisis, especially when debt is already high.

"A sudden economic shock -- such as a decline in home prices -- can trigger a spiral of credit defaults that shakes the foundations of the financial system.’

The intervention will set alarm bells ringing among central bankers and top politicians as they prepare for this week's gathering at the IMF headquarters in Washington. ...

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