Lending to individuals (Tables A-E)
Consumer credit (Tables B and C):
The net amount of new consumer borrowing, excluding mortgages, fell to £0.8 billion in July, down from £1.5 billion in June (Chart 1). This is notably below the average of the past three years, of £1.5 billion. This series has been volatile in the recent past, with similar weakness in the March data. This month’s fall reflected a weakening in both credit card lending and other loans and advances (which includes personal loans, overdrafts and car finance), to £0.2 billion and £0.6 billion respectively.
The annual growth rate of consumer credit lending shows the trend in net lending over the past twelve months. In July, the annual growth rate of consumer credit slowed a little to 8.5%. Within this, the annual growth rate of credit card lending was 8.9%, whilst the growth rate of other loans and advances was 8.2% - the lowest since March 2015. Although the annual growth rate of consumer credit remains high, particularly compared to 2009-12, the gradual slowing continues the trend since late 2016.
Chart 1: Consumer credit flows