Private debt ratios from the Q1 2015 data are as follows:
Relative deleveraging is still ongoing as GDP grows without any overall increase in the absolute level of private debt. When you look at the absolute numbers you notice that it is wobbling up and down around the £6.5tn mark. So that means the net borrowing shown in the sectoral graphs should be due to a reduction in the amount of gross saving.
Certainly no debt boom is going on at the moment, but what happens when the stockpile of savings runs out?
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