Brown's Economic Mismanagement Has Brought Misery To Brent - Teather

2.49.22pm BST (GMT +0100) Mon 16th Jun 2008

Sarah Teather challenged the Government on behalf of people in Brent

Brent's local Liberal Democrat MP Sarah Teather has uncovered Government statistics showing a dramatic rise in the number of people being made bankrupt in Brent every single year.

Bankruptcy orders issues to people in the borough leapt a staggering 240%, from 55 in the year 2000 to 186 last year. Across the whole of London there was a 300% rise in people being declared insolvent.

The current levels of personal debt are signs that the economy could be heading back to the days of boom and bust. The Liberal Democrats, who have long warned about the seriousness of the personal debt problem, are calling for better financial advice and education and real action on irresponsible lending.

Local Liberal Democrat MP for Brent East Sarah Teather said:

"It is deeply alarming that so many more people in Brent are finding themselves subject to the misery of a bankruptcy order. Gordon Brown should have got a grip on personal borrowing years ago. To loose everything in this way is a family's worst nightmare.

"It can be difficult to keep track of your personal finances. The Government should be actively working with the financial services industry to introduce a national network of independent advice centres, so that people could have financial health checks before they get into a crisis situation.

"Meanwhile, banks and building societies need to ensure that when people take out mortgages they are fully aware of the risks, and that appropriate insurance products are available."

"The devastating impact of Labour's economic recklessness has come home to roost here in Brent. The same people that Gordon Brown encouraged to splash out are now struggling to pay their bills in a tougher economic climate. He surely has a personal responsibility to help out those facing bankruptcy in Brent."

Related Link:

Read Sarah's Parliamentary Question on bankruptcy figures.