By Matthew Roscoe • 30 November 2020 • 12:48
NEW figures from the Bank of England show the biggest fall in UK consumer credit since 1994 as the pandemic proves households are watching their spending.
Households have cut back on consumer credit at the fastest pace since at least 1994 with the BOE reporting that net consumer lending fell by £590m (€657m) in October, taking the annual rate to a survey-record low of -5.6 per cent.
October’s fall was mainly due to people paying off their credit cards rather than taking on more debt following new COVID restrictions not allowing normal spending habits with most people confined to lockdowns in the UK.
The BoE explains: “Since the beginning of March, households have repaid £15.6 billion (€17.3 billion) of consumer credit. As a result, the annual growth rate fell further in October to -5.6 per cent, a new series low since it began in 1994.”
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Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]
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