UK Consumer Lending Sees Fastest Annual Growth Since 2018

UK consumer lending has seen its fastest annual growth since July 2018, according to data released by the Bank of England. Unsecured lending to British households rose at an annual rate of 9.1%, with a monthly increase in net consumer lending of £1.807 billion ($2.40 billion). This growth surpasses economists' median forecast of £1.7 billion.

The surge in unsecured lending was accompanied by rising mortgage approvals, with British lenders approving 58,200 mortgages for house purchase in June, exceeding the expected 57,100 approvals. These figures indicate healthy credit conditions in the UK economy, despite broader economic uncertainty.