UK Consumer Credit Soars Past Forecasts Despite Interest Rate Hikes

The UK's consumer credit has risen to £2.006 billion in July, exceeding economists' expectations of £1.8 billion, according to the latest Bank of England data.

This marks a notable acceleration from the previous month, reflecting sustained demand for credit cards, personal loans, and other forms of consumer lending.

The annual growth rate for consumer credit stood at [X]%, up from [Y]% in June. Economists had predicted a more modest increase, but the actual figure came in well above consensus, suggesting that consumers are still confident enough to take on additional debt.