FX.co ★ UK Credit Growth at 2-Year High, Tops Estimates

In November 2025, net borrowing of consumer credit by individuals in the UK surged to £2.1 billion, following an upward adjustment from £1.7 billion the previous month, surpassing market predictions of £1.1 billion. This represents the highest level since November 2023. The increase was primarily driven by a rise in net borrowing via credit cards, which escalated to £1.0 billion from £0.7 billion in October. Additionally, net borrowing through other forms of consumer credit, such as car dealership financing and personal loans, saw a marginal rise to £1.1 billion, compared to £1.0 billion in the previous month. The annual growth rate for total consumer credit climbed to 8.1% in November, up from 7.5% in October. During the same timeframe, the annual growth rate for credit card borrowing rose to 12.1% from 10.9%, marking the highest point since January 2024 when it reached 12.5%. Similarly, the growth rate for other types of consumer credit increased to 6.3% from 6.0%, the most significant rate since September 2024, which recorded 6.6%.