British consumer credit jumped in July

Business lending also up, but mortgage approvals drop

24th August, 2016
No sign yet of Brexit effect on British borrowing. Pic: Getty

Consumer credit in Britain rose at the fastest rate in almost a decade in July, as shoppers hit the stores for summer goods and took advantage of low interest rates on loans.

The British Bankers’ Association said credit rose 6.4 per cent compared with a year earlier, up from 6.3 per cent in June and the quickest pace since December 2006. Business lending rose 2.6 per cent, the most since early 2015.

The weak spot was housing, where the...

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