Page last updated at 09:33 GMT, Wednesday, 2 September 2009 10:33 UK

UK personal debt levels fall


British consumers paid off more debt in July than the amount of new money they borrowed.

It is the first time that has happened since records began in 1993. The Bank of England reported that £635m more was repaid than was borrowed.

There has also been a sharp drop in lending to business.

The BBC's Economics Editor Stephanie Flanders reports.


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