Growth of consumer credit slows
By myfinances.co.uk staff
The growth in consumer credit slowed in March, according to the latest figures from the Bank of England.
Its report shows that lending via credit cards, personal loans and other advances rose by £300 million during the month, down from an increase of £600 million in February.
However, March's increase in consumer credit levels was above the six-month average of £100 million growth.
Over the course of the month, credit card lending rose by £200 million, in line with the trend for the previous half of the year.
Meanwhile, lending through products such as personal loans and student finance schemes increased by £100 million, above the previous six-month average of a net repayment of £100 million.
The Bank said that the annual growth rate for consumer credit rose by 0.2 per cent to 0.4 per cent in March, while the annualised quarterly growth rate was unchanged from February at 2.3 per cent.
In related news, the Bank's Monetary Policy Committee is set to reveal its latest decision on interest rates on May 10th. The base rate currently stands at a record low of 0.5 per cent.
Comments
Newsletter sign up