New figures show that the number of people declared insolvent has hit a record high in England and Wales.
Data released by the Insolvency Service shows that there were 33,073 individual insolvencies in the second quarter of 2009, an increase of 27.4% on the same period a year ago.
Philip Hammond, Shadow Chief Secretary to the Treasury, said the record number of insolvencies represents “the human cost of Gordon Brown’s recession.”
The Prime Minister repeatedly ignored warnings – from, for example, the Bank of England and the IMF - about the unsustainable level of personal debt.
Philip Hammond stressed, “By claiming that he’d ended boom and bust, (Gordon Brown) encouraged people to borrow recklessly. But now the boom has turned to bust, they are the ones are paying the price for his failure of economic management.”