The BoE said credit card borrowing was 11.6% higher than in April 2021, marking the biggest increase since November 2005, according to data cited by Reuters. Overall consumer credit, which includes personal loans and car finance deals, rose by 5.7% in annual terms, the highest rate since February 2020.
The increase in borrowing came despite business surveys showing signs of a marked slowdown in demand, particularly among consumer-facing companies, according to BoE.
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