Credit card lending increased in July, says Bank of England
Credit card lending increased by a net of £0.1 billion in July, according to statistics released by the Bank of England.
Credit card lending increased in July, says Bank of England ”
Data from the bank also revealed total net lending to individuals fell by £0.6 billion in the same period.
Meanwhile, the annual growth rate of consumer credit continued to fall to 1.4%.
Increased mortgage activity was also reported, although an expert has warned it may take time for the housing market to bounce back again.
Katie Tucker, technical manager at the national brokers Mortgageforce, said: "Most specialist lenders have moved into other businesses or closed down altogether, so we would be wrong to expect the housing market to return to its former health without a long fight: an entire section of vital mortgage funding continues to struggle for a resurrection."
The figures also showed there was a record £8.4 billion fall in business lending.
Liberal Democrat shadow chancellor Vince Cable commented the data shows the Bank of England's attempts to boost lending are only having a limited impact and banks are choosing to hoard money.
Written by Marcus Jenkins ©
