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Financial News: UK Consumer Credit Growth Weakest Since 2014

UK Consumer Credit Growth Weakest Since 2014

10/29/2019 - 06:03:00 (RTTNews)

(RTTNews) - UK consumer credit grew at the slowest pace in more than five years and mortgage approvals rose only marginally in September, data from the Bank of England showed Tuesday.

The extra amount borrowed by consumers in order to buy goods and services fell to GBP 0.8 billion in September. Consumer credit was below GBP 1.1 billion for the second month in a row.

The annual growth rate of consumer credit was 6 percent in September versus 6.1 percent in August. The growth rate has been falling steadily for nearly three years and this was the weakest rise since June 2014, the bank said.

Loans to non-financial corporations rose to GBP 9.7 billion, which was the highest since May 2018.

Borrowing of non-financial corporations from banks also increased in September, rising to GBP 2.9 billion. The annual growth rate rose to 3.9 percent.

The number of loans approved for house purchases rose to 65,919 in September from 65,681 in August. Approvals were forecast to fall to 65,000.

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