Rising personal debt is a cause of concern for the economy of England, according to the latest media news. The Bank of England has warned that the economy could take a down turn if the personal debt boom is not checked.

As per the latest media reports, the Bank of England in its financial stability report has warned that if the personal debt boom remains unchecked, the economy could take a downward dive.

The financial markets of England are complacent about the state of economy and therefore extending their levels of risk, said the Bank in its report. An improbable but possible trouble like bird flu or a personal loan boom could, however, put the economy at a severe risk, the Bank warned.

The deputy governor of the Bank of England, Sir John Gieve, has also expressed concern about the personal debt boom. He has said that the Bank of England is working with the Financial Services Authority (FSA) to reduce the risk to the economy.

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