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- UK consumers up borrowing at slowest rate since 2014 - Bank of England
UK consumers up borrowing at slowest rate since 2014 - Bank of England
British consumers increased their borrowing in November at the slowest rate in more than five years, according to Bank of England data that added to signs the economy stalled late last year.
The growth rate in unsecured consumer lending slowed to 5.7% in the 12 months to November from 6.1% in October, marking the smallest increase since June 2014. The figures also showed credit card repayments exceeded borrowing for the first time since July 2013.
Household spending has helped to drive Britain's economy over the last few years, helped by record levels of employment and a recovery in wage growth.
In cash terms, consumer credit rose by 563 million pounds in November after a 1.339 billion-pound rise in October, the smallest increase since November 2013. The data also showed the number of mortgages approved for house purchase edged up to 64,994 in November from 64,662 in October, compared with the forecast of 64,450.
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