Consumer credit in the United Kingdom increased by GBP 0.687 billion in December of 2018, missing market expectations of a GBP 0.8 billion gain and following an upwardly revised GBP 0.958 billion rise in November. It was the smallest gain in consumer credit since June of 2014 mostly due to weak flows of new lending. Year over year, consumer credit was up only 6.6 percent, the least in 4 years, compared to 7.2 percent recorded in November. Credit card lending went up 7.1 percent (vs 7.9 percent in November) and other loans and advances increased 6.4 percent (vs 6.8 percent in November). Consumer Credit in the United Kingdom averaged 934.11 GBP Million from 1993 until 2018, reaching an all time high of 2231 GBP Million in January of 2005 and a record low of -1185 GBP Million in August of 2009.
Consumer Credit in the United Kingdom is expected to be 1220.00 GBP Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Consumer Credit in the United Kingdom to stand at 1210.00 in 12 months time. In the long-term, the United Kingdom Consumer Credit is projected to trend around 1730.00 GBP Million in 2020, according to our econometric models.