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Brexit is sideshow, consumer debt bigger challenge: Pyrford

Banks risk becoming too complacent in consumer lending after years of low defaults and falling unemployment

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Lenders have been offering mortgages at low interest rates, which will have a "blunt effect" on homeowners when rates rise, says Tony Cousins, CEO of Pyrford International.

London

PYRFORD International Ltd chief executive officer Tony Cousins says he's avoiding UK banking and retail stocks because the country's economy is set to weaken as consumer debt piles up.

That's a bigger problem than Brexit, says Mr Cousins, who is also chief investment officer

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