2020.01.0309:16:00UTC+00UK Consumer Credit Growth Weakest Since 2014: BoE

UK consumer credit grew at the slowest pace since 2014 and mortgage approvals increased marginally in November, monthly data from the Bank of England showed Friday. The extra amount borrowed by consumers in order to buy goods and services fell to GBP 0.6 billion in November, the weakest in six years.

As a result, the annual growth in consumer credit eased to 5.7 percent from 6.1 percent in October. A similar slower growth was last reported in June 2014.

The number of mortgage approvals rose to 64,994 in November from 64,662 in December. Net mortgage borrowing fell marginally to GBP 4.1 billion in November and the annual growth rate remained broadly at 3.3 percent.

Further, data showed that UK businesses borrowed GBP 0.9 billion of finance from banks and other financial institutions.