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.
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May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.