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- UK consumer credit growth was 5.1% in May - BBA
UK consumer credit growth was 5.1% in May - BBA
The BBA's latest data from the high street banks* shows that consumer credit growth was 5.1% in May, compared with 6.4% in the previous month.
Gross mortgage borrowing totalled £13.3 billion in May. Net mortgage borrowing was 2.4% higher than a year ago.
Eric Leenders, BBA Managing Director for Retail Banking said:
"This month's figures show that in the run up to the General Election, credit growth in personal loans, cards and overdrafts has slowed, which was reflected in lower spending; with increased household costs affecting growth in deposits and saving.
Businesses appear to be weighing up their options before raising finance to fund projects or developments. After a long period of subdued company borrowing, overall growth is starting to stabilise at a modest rate."
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