Rather worrying news from the banks this morning as the level of debts written off because defaulting borrowers will never repay them shot up last year.
£4.12bn in credit card loans,and £984m in mortgages were written off last year as well as other loans of £4.2bn.
In total £9.3bn will be uncollected.
It hasn't been a good day for the banks with HSBC reporting a 24 per cent fall in pre-tax profit to $7.1bn for last year mainly down to loan write offs but these were mainly in the UK.
Just to put a cap on the financial news,sterling is under pressure mainly as a result of uncertainities as to who will win the next election.The pound is currently trading under $1.50 amid concerns over who will tackle the UK’s record budget deficit.
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