Q4 data is now with us and the resulting private debt to GDP ratios look like this:
And so the private sector continues to delever as GDP finally grows. Interesting to note where the money to allow this comes from - particularly given all the rhetoric about austerity. But the numbers don't lie. The only sector to increase its leverage is the government sector.
Source: Office of National Statistics. Private sector debt based on tables NLBC, NKZA, NNQC, NNRE, NNXM, NNWK, NLSY, NLUA, NJCS and NJBQ (Lending and securities per sector, not seasonally adjusted) scaled by BKTL (Gross domestic product at market prices, not seasonally adjusted). Data and calculations are available online