Consumer credit in the United Kingdom increased by GBP 0.28 billion in May of 2021, following a GBP 0.23 billion drop in the previous month and above market expectations of a GBP 0.24 billion rise. For the first time since August 2020, consumers borrowed more than they paid off. The annual growth rate remained weak, but rose to -3.2% in May from -5.7% in April. The increase in net consumer credit reflected an additional GBP 0.4 billion of ‘other’ forms of consumer credit, such as car dealership finance and personal loans. Credit card lending remained weak compared to pre-February 2020 levels, with a net repayment of GBP 0.1 billion. The annual growth rates of both components have risen from series lows in February, but remained weak at -0.4% and -9.9%, respectively. source: Bank of England
Consumer Credit in the United Kingdom averaged 843.39 GBP Million from 1993 until 2021, reaching an all time high of 2309 GBP Million in March of 2016 and a record low of -7462 GBP Million in April of 2020. This page provides the latest reported value for - United Kingdom Consumer Credit - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United Kingdom Consumer Credit - data, historical chart, forecasts and calendar of releases - was last updated on July of 2021.
Consumer Credit in the United Kingdom is expected to be -758.28 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 294.28 in 12 months time. In the long-term, the United Kingdom Consumer Credit is projected to trend around -822.71 GBP Million in 2022 and -836.69 GBP Million in 2023, according to our econometric models.