Data produced by the Bank of England shows that consumer borrowing soared to more than £1 billion in July, the highest figure since March of this year and a large increase on the figure for June.
Consumers borrowed £1.1 billion on credit cards and unsecured loans during July, compared to £655 million on the previous month.
Borrowing on credit cards alone more than doubled during the period.
This is a concern to the economy as a combination of a slowing in manufacturing plus a rise in consumer credit together with the threat of an increase in the interest rate suggests that the UK expansion rate is in danger of losing it’s balance.
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