U.K. consumer credit continues to expand at a brisk pace, hovering around 10% year-on-year YOY. In April total consumer credit grew to £183.2 billion. The three-month annualized and twelve-month growth rates, seasonally adjusted (SA), were 10.4% and 9.6% respectively.
The Bank of England (BOE) reports consumer credit increased by £1.3 billion in April, compared to the average of £1.5 billion over the previous six months.
Within consumer credit, credit card lending increased by £0.3 billion in April, compared to the average monthly increase of £0.4 billion over the previous six months. Other loans and advances increased by £1.0 billion, compared to the average of £1.1 billion over the previous six months.
According to new and revised BOE data credit card lending hit £64.4 billion for a 7.1% YOY gain in April.
Other loans and advances increased 11% YOY to £118.8 billion in April. Revised figures for prior months also reflect the same double digit YOY gain.
CREDIT CARD LOANS
(seasonally adjusted)
Jul 2015: £62.6 billion +5.6%
Aug 2015: £62.5 billion +5.6%
Sept 2015: £62.7 billion +6.0%
Oct 2015: £62.8 billion +5.6%
Nov 2015: £63.1 billion +6.1%
Dec 2015: £63.4 billion +6.2%
Jan 2016: £63.8 billion +6.8%
Feb 2016: £63.8 billion +6.7%
Mar 2016: £64.3 billion +7.4%
Apr 2016: £64.4 billion +7.1%
OTHER LOANS/ADVANCES (seasonally adjusted)
Jul 2015: £113.5 billion +9.1%
Aug 2015: £114.3 billion +9.4%
Sep 2015: £113.5 billion +9.5%
Oct 2015: £114.3 billion +9.6%
Nov 2015: £115.2 billion +9.8%
Dec 2015: £115.4 billion +10.1%
Jan 2016: £116.1 billion +10.5%
Feb 2016: £117.1 billion +11.0%
Mar 2016: £118.0 billion +11.0%
Apr 2016: £118.8 billion +11.0%
TOTAL CONSUMER CREDIT
(seasonally adjusted)
Jul 2015: £176.1 billion +7.8%
Aug 2015: £176.8 billion +8.0%
Sep 2015: £176.2 billion +8.2%
Oct 2015: £177.1 billion +8.2%
Nov 2015: £178.3 billion +8.5%
Dec 2015: £178.8 billion +8.7%
Jan 2016: £179.9 billion +9.2%
Feb 2016: £180.9 billion +9.5%
Mar 2016: £182.3 billion +9.7%
Apr 2016: £183.2 billion +9.6%
Source: Bank of England
Note: Lending to individuals is split between lending secured on dwellings (mortgages) and consumer credit. Consumer credit is further split between credit card debt and other loans and advances. Student loans are excluded.
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