British consumer credit expanded last month at the fastest pace in nearly 10 years and mortgage approvals hit a five-month high, according to industry data on Thursday.
The British Bankers’ Association figures underlined the strength of consumer demand since Britain voted to leave the European Union in June, although rising inflation and a slowing economy are expected to weigh on households next year.
Consumer credit increased at an annual rate of more than 7 percent in October, marking the strongest growth since November 2006, the BBA said.
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