British consumer lending surge slows to the weakest value since 2015

British consumer lending surge slows to the weakest value since 2015

UK customers stepped up their borrowing by the smallest amount since mid-2015 for the three months to November. The fact suggests UK households are slowly decreasing spending, as Bank of England figures revealed on Thursday.

Britain's economy had lackluster surge for most of the previous year - especially compared to its faster-ascending neighbors - and Thursday's BoE data hints this pattern kept unrolling toward the end of 2017.

The country’s major financial institution told unsecured consumer lending for the three months to November ascended at an annualized rate of 8.5%, sliding from 9.3% for the three months to October and also its weakest reading since June 2015.

The Bank of England played down any hint at a debt bubble, although it has acknowledged pockets of risk and also required financial institutions to set aside more funds against the risk of bad loans.

In cash term, in November, borrowing soared by 1.4 billion pounds, versus experts’ estimates of a 1.5 billion pound soar in a Reuters survey.


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