31/08/2001

UK consumer lending grows by record amount

Latest figures from the Bank of England has shown that consumer lending to individuals through mortgages, credit cards and other loans has grown by a record £6.1 billion in July.

This figure left the total amount of consumer debt outstanding in the UK at £699 billion, while before mortgages, debt was more than £5,300 per household.

The latest figures showed mortgage lending grew yet again in July, suggesting the current rise in house prices is set to continue. The Bank also revealed that £14.9 billion of mortgage loans were approved last month, a £900m rise on June's figure.

Some analysts believe the current spending trend of the UK consumer is needed in order to offset the recession UK manufacturers are currently going through.

However, the reported price war amongst supermarkets and a drop in the level of pay deals suggests that the pressure on inflation over the coming months will be in a downward direction. (MB)

Related Northern Ireland Business News Stories
Click here for the latest headlines.

23 January 2019
Innovate UK Announce Creative Industry Mission To India
Innovate UK has announced a Global Business Innovation Programme for the creative and media sectors to showcase the best of UK creativity in India. The fully funded programme consists of a preparation phase in the UK, a 5-day visit to India in April 2019 and subsequent follow-up support.
20 November 2017
Innovate UK Announce Mission To Singapore
Innovative businesses operating in the Advanced Urban Services sector are invited to apply for a place on an Innovate UK hosted mission to Singapore from 29 January to 02 February.
24 January 2018
Innovate UK Announces £19m Funding Competition
Innovate UK has announced a new £19 million innovation competition, aimed at supporting changes in productivity and cutting-edge innovation.
07 August 2019
Trade Leaders Set Out Business Concerns With Shadow Chancellor
A group of Chief Executives from the Northern Ireland business community have met with the government's Shadow Chancellor of the Exchequer to set out their concerns for the industry.
26 July 2018
New Strategic Trade Advisory Group To Be Established
The Department for International Trade (DIT) has announced that its plan to establish a Strategic Trade Advisory Group to advise the government on trade policy and negotiations.