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)

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