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That's up to Q2 2011.

The McKinsey link below gives brief commentary up to 2015 and there's also a link there to the "Full Report". The report seems to conclude that there hasn't been much delevering since the financial crisis and indeed quite the opposite in the UK with public sector debt.

It also looks like the UK's financial sector hasn't delevered much since the start of the financial crisis - Exhibit 22.

As for "going Japanese" some would say the UK has been there for quite some time in terms of debt (at least since the mid noughties and that's about 10 years ago now - although there are of course some well reported differences in other things)

Edited by billybong
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The Chart Of Doom: When Private Credit Stops Expanding...

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Three out of the five major economies are already experiencing stagnant or negative private credit growth. Three down, two to go. Helicopter money--government issued "free money" to households--is no replacement for private credit expansion.

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What if the rest of the OECD is as ineffective at escaping from the private debt trap as Japan has been? Then the best case scenario for global credit growth is that it will match what has happened since Japan “hit the credit wall” in 1990.

We can guess at that by shifting Japan’s credit growth data forward 18 years, since its crisis began in 1990 while the rest of the world landed in the trap in 2008. Figure 3 shows the result of that exercise—here measuring credit growth as a percentage of GDP—and that predicts an average growth of credit from now till 2035 of 0.5% of GDP a year.
It’s worse still when you consider that most of Japan’s post-crisis credit growth occurred in the first half decade or so after its crisis. Take those early post-crisis years out, and the average rate of growth of credit in Japan has been minus 3 percent of GDP a year.
Rather than adding to the money supply, banks have been reducing it for the last 20 years.

http://www.forbes.com/sites/stevekeen/2016/02/06/our-dysfunctional-monetary-system/2/#2956954b40dc

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Edited by zugzwang
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