UK credit card borrowing increased the most since 2005 as the cost of living crisis deepens, data published by the Bank of England showed Tuesday.
Consumers borrowed an extra GBP 740 billion in July on their credit cards. This was up 13.0 percent from the last year, marking the biggest increase since October 2005. Other forms of consumer credit gained 4.5 percent, the highest since March 2020.
Overall, individuals borrowed an additional GBP 1.4 billion in consumer credit in July versus GBP 1.8 billion in the prior month. Consumer credit logged an annual growth of 6.9 percent, which was the fastest rate since March 2019.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.