Fastest Pace of UK Consumer Credit Growth in Nearly Ten Years

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.

Reuters

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam