reducing debt

At the same time that the government is racking up ever higher levels of debt the population is thankfully not following their example. The BBC reports that

Consumer borrowing - excluding mortgages - recorded its biggest month-on-month fall since Bank of England records began in 1993. This adds further evidence to the likely trend of people paying off loans rather than saving more during a time of low interest rates.

Thank fuck that the people of this country have rejected Gordon's spend now pay later model of financial prudence. When those interest rates inevitably rise the collective sharp intake of breath will be less loud because of the actions that people are taking now to reduce their debt.