This article explores whether household debt has amplified the impact of the Covid crisis on the economy, and whether it might in future. We examine the impact of the crisis across different households, how they responded, and what implications this has had for household debt burdens so far

The financial situation of households is a key determinant of how they respond to changes in the economy and monetary policy. In our latest survey of British households, conducted in September, households' income expectations were stable, but spending expectations fell slightly. While...