The Liberal Democrats have accused rising lending by banks and building societies as recklessly fuelling the housing boom.
Commenting on figures on lending to individuals out today, Vince Cable MP, Liberal Democrat Shadow Chancellor, says Britain's personal debt will top £1tn in the next ten days – and isincreasing at £1m every four minutes.
He says: “If oil prices stay high, inflation and interest rates could rise, causing serious difficulties for many people.
“Large numbers of people are gambling on the house price boom – a gamble they may regret if house prices start to fall or interest rates continue to rise.
“It is time for the Government to take action to protect ordinary homeowners against irresponsible lending.”