FX.co ★ UK Consumer Credit Growth Beats Forecasts

In April, UK individuals' net borrowing of consumer credit reached £1.58 billion, surpassing both the prior month's upwardly revised figure of £1.102 billion and market expectations set at £1.1 billion. Breaking it down, net borrowing via credit cards rose to £0.8 billion in April, compared to £0.4 billion in March. Meanwhile, net borrowing through other avenues of consumer credit, such as car dealership financing and personal loans, experienced a modest increase, rising to £0.8 billion from £0.7 billion in the same timeframe. The annual growth rate for total consumer credit climbed to 6.7% in April, up from 6.2% in March. Specifically, the annual growth rate for credit card borrowing surged to 9.8% from the previous 8.5%, whereas the growth rate for other types of consumer credit inched up slightly to 5.3% from 5.2%.