Menu

Search

  |   Commentary

Menu

  |   Commentary

Search

UK borrowing picks up pace in Nov, consumer credit growth hits fresh 11-year high

UK consumer credit increased by the highest amount since 2005 in the month on November, says the Bank of England on Wednesday. Data released by the BoE showed UK consumer credit in November alone jumped by 1.926 billion pounds, well above forecasts in a Reuters poll. The rise pushed the annual growth rate in borrowing of 10.8 percent, a rate not seen since October 2005.

Total lending to individuals increased by GBP 5.1 billion in November. Within total lending, secured lending increased by GBP 3.2 billion or 0.2 percent in November. The monthly growth came in line with expectations.

The monetary aggregate M4 rose 0.4 percent from prior month, taking the annual growth to 6.4 percent in November. M4 money supply rise in November compared to 1.10 percent in the previous month. Reduced M4 along with increased consumer credit should set alarm bells ringing again.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.