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Fri, 23rd June 2017

Anirudh Sethi Report

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Archives of “PricewaterhouseCoopers” Tag

Debt of Average British Household to Reach Record $15,000 in 2016 – PwC

An average household in the United Kingdom will owe some $15,000 in personal loans, student borrowings and credit card debts by the end of 2016, which is $1,500 more than in 2014, suggests a report by PricewaterhouseCoopers (PwC) published Monday.

“The average UK household is set to owe close to £10,000 [$15,000] in unsecured debt by the end of 2016, more than ever before in cash terms,” the report titled “Precious Plastic: How Britons Fell Back in Love With Borrowing” said.
According to the study published on the PwC website, the year 2014 has set another record as the total outstanding unsecured borrowing in the United Kingdom increased by nearly $30 billion or 9 percent,” its fastest rate of growth in at least a decade” reaching $358 billion or some $13,500 per household.

 “As the total household debt to income ratio heads towards 172% [forecast for 2020] … and interest rates increase, consumers could begin to feel squeezed once again. This could undermine growth for lenders and feed through to resurgence in bad debt,” Simon Westcott, a director in PwC’s financial services practice said as quoted on the company’s website.

Despite these worrying figures, the Britons, according to the study, feel confident about their personal finances. According to a joint PwC/YouGov poll, only 18 percent of the country’s population are worried about how they will manage to repay their debts.

Corruption cases in India on the rise; up 13 pct since 2011: PwC

Bribery and corruption cases jumped 13 per cent globally since 2011 with engineering and construction sector topping the list, followed by government business, a PwC report said today.

According to the multinational accounting firm, the menace of bribery and corruption will continue to rule the economic crimes chart this year as well.

“Every region reported a significant number of incidences of bribery and corruption. Twenty-seven per cent of all respondents who reported economic crime experienced corruption during the survey period, making it the third-highest crime specified and a relative increase of 13 per cent from 24 per cent reported in 2011,” PwC said in its 2014 Global Economic Crime Survey.

This was third only to asset misappropriation (69 per cent) and procurement fraud (29 per cent), it added. Read More 

Britain on course to be ‘fastest-growing G7 economy’

LONDON EYEAdvanced economies will get their “mojo” back in 2014 as the UK retains its crown as the fastest-growing major European economy next year, according to analysts.

PwC, one of the world’s “Big Four” audit firms, said Britain’s brighter growth prospects could also put it in line to be the fastest-growing economy in the G7.

Richard Boxshall, an economist at PwC, said the UK, which is expected to grow by up to 3pc next year, would be “level pegging” with America for the title of the strongest-growing advanced economy in the world. “It’s too close to call,” he said.

Advanced economies such as America, Japan and Britain are expected to contribute about 40pc to global GDP growth for the first time since 2010 next year, up from levels closer to 30pc between 2011 and 2013. Improving consumer confidence will feed through to higher business investment among advanced economies, PwC will say in its annual predictions this week. Read More