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- UK household borrowing growth moderated slightly in August
UK household borrowing growth moderated slightly in August
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Household borrowing growth moderated slightly in August. Annual consumer credit growth slowed to 8.1%, while secured lending growth ticked down to 3.1%.
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The number of approvals for remortgaging, which has been volatile in recent months, increased to 53,125 in August.
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Net finance raised by private non-financial corporations (PNFCs) remained positive in August. Within this, net bank lending to businesses was positive, whilst finance raised through financial markets was negative.
The net amount of new consumer borrowing, excluding mortgages, increased slightly to £1.1 billion in August, up from £0.8 billion in July. Despite this increase, lending remains a bit lower compared to much of the past two years. This weakness reflects subdued net lending for other loans and advances (which includes personal loans, overdrafts and car finance), which increased slightly to £0.7 billion from £0.6 billion in July. Net credit card lending increased to £0.5 billion on the month, in line with the average of the previous 6 months.
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