Katie Clinton

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UK consumer borrowing grows at fastest pace since 1993, Bank of England says

Offered both interpretations of the borrowing surge

British households borrowed £2.46 billion in unsecured credit during August, the largest monthly total since the Bank of England began tracking the figure in 1993. Credit card balances grew 13.3 percent from a year earlier, while personal loans and car finance rose 7.9 percent.

Updated Yesterday

Notable Quotes

"The rise in borrowing comes alongside a two-year high in consumer confidence, driven by a better outlook for personal finances and economic conditions." — Katie Clinton, KPMG UK

from UK consumer borrowing grows at fastest pace since 1993, Bank of England says · Updated Yesterday

"With persistently high inflation squeezing disposable incomes, stronger borrowing may also reflect continued affordability challenges pushing people to credit to get by." — Katie Clinton, KPMG UK

from UK consumer borrowing grows at fastest pace since 1993, Bank of England says · Updated Yesterday