UK insolvencies at highest level since financial crisis

Personal debt rises to £1.6tn as record number of households turn to ‘bankruptcy deals’

The number of people who went brankrupt in 2017 soared to the highest level since the aftermath of the financial crisis, according to official figures that reveal the devastating toll of mounting debts on British households.

The Insolvency Service said 99,196 people were declared insolvent in 2017 – a 9.4% rise on the year before and only a shade below the peak figures recorded during the recession.

Related: The UK’s debt crisis – in figures

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10 Friday AM Reads

My end of week morning train reads: • Sir Isaac Newton: Scientific Genius, Investing Fool (Moneybeat) • The Argument for Ditching the 401(k) and Starting Over (Bloomberg View) • Everyone’s a ‘Buy and Hold’ Investor Now. But Can You Stay That Way? (Wall Street Journal) •  The tricks propagandists use to beat science (MIT Technology Review) • You’re Ordering Wine Wrong: star sommelier Robert Bohr…

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John McDonnell: I’m in Davos to tell the elite they are held in contempt

UK shadow chancellor to tell business leaders at WEF of ‘avalanche of discontent’

The UK shadow chancellor, John McDonnell, has used his debut appearance at the World Economic Forum to warn leaders of global businesses that they are held in contempt by ordinary voters who have struggled through a decade of austerity.

Interviewed by the Guardian in Davos, McDonnell said he found the euphoria in Davos about the modest pick-up in world growth shocking, adding that those running big corporations were guilty of complacency.

Related: Davos 2018: Donald Trump to give speech at World Economic Forum – live updates

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