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Borrowing up as household debt at 133% of income

Mark Carney, the Governor of the Bank of England, has warned that growing levels of household debt are a threat to the economy.

People are borrowing more for the first time since the financial crisis of 2007 and credit card debt is rising.

According to the Bank's latest figures, household debt now stands at 133% of income, ITV News Business Editor Joel Hills reports.


RBS makes £469 million loss in third quarter

RBS is still 73% owned by the government. Credit: PA

Royal Bank of Scotland (RBS) made a £469 million loss in the third quarter and confirmed that it will miss a 2017 deadline to sell off its Williams & Glyn branch network.

The figure compares with a profit of £940 million in the same period last year, when the bank's balance sheet was boosted by the sale of US bank Citizens.

The lender, which is still 73% owned by the government, said that despite "positive discussions" with interested parties on the sale of Williams & Glyn, it will miss its 2017 deadline.

RBS must offload the Williams & Glyn branches by the end of next year as part of EU conditions linked to its £45 billion bailout at the height of the financial crisis.

The bank was also hit by £425 million in conduct and litigation charges, largely linked to the sale of mortgage-backed securities in the US and £469 million in restructuring costs.

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