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According to the Bank of England, Britons owe more money than ever before. It seems, we just can’t be stopped.

Whatever is happening in the outside world makes no difference, because it’s spend, spend, spend.

The result being that mortgage lending hit another record high again in April with gross advances totalling £19.6 billion, according to the latest estimates released today by the Council of Mortgage Lenders.

This figure is on top of a skyrocketing consumer debt, which after repayments hit a new seasonally adjusted high of £80.7 billion according to the British Bankers’ Association.

Figures for the Major British Banking Groups (MBBG) saw spending on credit cards in March total £5.64 billion, 10% more than in March 2001. Whilst new lending on personal loans and overdrafts hit £3.4 billion. Yet another symptom of the Brit’s most expensive addiction.

The constant barrage of ads on t.v., radio, in newspapers and magazines tells us to borrow, borrow, BORROW. The only time those ads stop is when the debt management companies get to tell us how they can help us with our debt problems, for a percentage of course.

And with interest rates likely to stay at historic lows for a little while longer, if the latest inflation figures are any indicator, Britain’s borrowholics will be able to continue feeding their addiction safe in the knowledge that the banks are always happy to keep them well supplied with the good stuff.

25 million Britons could save about £500 million a year by switching their current accounts from the Big Four banks to internet and high street alternatives, so says Which? Magazine.

With better interest and overdraft rates available elsewhere, the only thing keeping most people with Barclays, HSBC, Lloyds TSB and NatWest would appear to be inertia.

The Which? survey of 927 current account holders found 64% had never considered switching banks.

But when those who had switched were asked if they had found it easy &ldots; 73% said they had.

With the biggest banks paying virtually no interest on their current accounts, Which? editor Helen Parker, urged people to “vote with their feet”.

Unless consumers do start switching their current accounts, what reason have the big banks got change?

The answer. NONE.