UK consumer borrowing increased the most in more than three years in June suggesting that households are relying more on credit amid the cost of living crisis and mortgage approvals declined more than expected as the rising interest rate weigh on the property market.
Individuals borrowed an additional GBP 1.8 billion in consumer credit in June, following GBP 0.9 billion of borrowing in May, the Bank of England reported Friday. This was well above economists' forecast of GBP 1.0 billion.
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by Renju Jaya
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