Consumer credit in the United Kingdom grew by £1.191 billion in July 2023, compared to a downwardly revised £1.637 billion increase in June and missing market forecasts of a £1.3 billion rise. This was driven by a fall in borrowing through other forms of consumer credit, such as car dealership finance and personal loans to £0.6 billion in July, down from £1.0 billion in June, while borrowing on credit cards remained broadly unchanged for the third consecutive month at £0.6 billion. The annual growth rate for all consumer credit saw a slight decrease to 7.3% in July, compared to 7.5% in June. Similarly, the annual growth rate for credit card borrowing and for other forms of consumer credit declined to 11.7% and 5.5% respectively, down from 11.9% and 5.6% in June. source: Bank of England

Consumer Credit in the United Kingdom averaged 867.34 GBP Million from 1993 until 2023, reaching an all time high of 2272.00 GBP Million in March of 2016 and a record low of -7493.00 GBP Million in April of 2020. This page provides the latest reported value for - United Kingdom Consumer Credit - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United Kingdom Consumer Credit - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Consumer Credit in the United Kingdom is expected to be 726.61 GBP Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom Consumer Credit is projected to trend around 865.42 GBP Million in 2024 and 878.41 GBP Million in 2025, according to our econometric models.

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United Kingdom Consumer Credit



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-07-31 08:30 AM Jun £1.661B £1.09B £1.3B £ 1.5B
2023-08-30 08:30 AM Jul £1.191B £1.637B £1.3B £1.2B
2023-09-29 08:30 AM Aug £1.191B £1.3B


Related Last Previous Unit Reference
Bank Lending Rate 6.25 6.00 percent Aug 2023
Net Lending to Individuals MoM 1420.00 1742.00 GBP Million Jul 2023
Consumer Credit 1191.00 1637.00 GBP Million Jul 2023

United Kingdom Consumer Credit
Consumer credit (excluding student loans) is defined as borrowing by UK individuals to finance current expenditure on goods and/or services excluding loans issued by the Student Loans Company. Consumer credit (excluding student loans) is split into two components; credit card lending and ‘other’ lending (mainly overdrafts and other loans/advances).
Actual Previous Highest Lowest Dates Unit Frequency
1191.00 1637.00 2272.00 -7493.00 1993 - 2023 GBP Million Monthly
SA

News Stream
UK Consumer Credit Growth Slows More than Anticipated
Consumer credit in the United Kingdom grew by £1.191 billion in July 2023, compared to a downwardly revised £1.637 billion increase in June and missing market forecasts of a £1.3 billion rise. This was driven by a fall in borrowing through other forms of consumer credit, such as car dealership finance and personal loans to £0.6 billion in July, down from £1.0 billion in June, while borrowing on credit cards remained broadly unchanged for the third consecutive month at £0.6 billion. The annual growth rate for all consumer credit saw a slight decrease to 7.3% in July, compared to 7.5% in June. Similarly, the annual growth rate for credit card borrowing and for other forms of consumer credit declined to 11.7% and 5.5% respectively, down from 11.9% and 5.6% in June.
2023-08-30
UK Consumer Credit Rises the Most since 2018
Consumer credit in the United Kingdom rose by £1.661 billion in June 2023, following a downwardly revised £1.09 billion increase in May and beating market forecasts of a £1.3 billion rise. It is the highest increase since April 2018 as borrowing through other forms of consumer credit (such as car dealership finance and personal loans) increased significantly to £1 billion from £0.5 billion in May while borrowing on credit cards remained stable at £0.6 billion. The annual growth rate in June for all consumer credit remained unchanged at 7.6%, the same as in May, while the growth rate for credit card borrowing decreased to 12% in June from 12.5% in May. By contrast, the annual growth rate for other forms of consumer credit increased slightly to 5.7% in June, compared to 5.5% in May.
2023-07-31
UK Consumer Credit Growth Weakest in 5 Months
Consumer credit in the United Kingdom advanced by £1.144 billion in May 2023, following a downwardly revised £1.513 billion increase in April and below market forecasts of a £1.5 billion rise. It was the smallest increase in consumer credit since December last year. The additional consumer credit borrowing in May was split between £0.6 billion of borrowing on credit cards and £0.5 billion of borrowing through other forms of consumer credit, such as car dealership finance and personal loans. The annual growth rate for all consumer credit and credit card borrowing decreased slightly to 7.5% and 12.4% in May, from 7.6% and 12.7%, respectively. The annual growth rate for other forms of consumer credit remained at 5.5%.
2023-06-29