Interesting. The UK still has much higher household leverage than the US, according to this.
Hat tip: Felix Salmon
UPDATE: An ex-colleague sends through a couple more interesting comparisons:
Falling mortgage rates, combined with fewer people on fixed-rate mortgages.
Falling energy prices, combined with more expensive petrol (so falling prices have a bigger effect).
Stimulus through a VAT cut (I thought this would not be effective, but the facts are against me).