UK debt is explosive – and it only needs a spark to light the fuse | Larry Elliott

The Bank of England is right to warn over consumer borrowing – even if the central bank itself has been partly responsibleBritain’s debt timebomb is primed and ready to go off at any time. From never-never spending on credit cards to car loans, from overdrafts to payday loans, there is enough high explosive to devastate the economy for a second time in decade. All that is required is for the fuse to be lit.The Bank of England is aware of the risks and has been issuing ever-more expli