Consumer lending growth continues
According to the Finance and Leasing Association, consumer lending grew in August by 1% in comparison with the same month in 2011.
Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in C:\inetpub\wwwroot\2025.financialreporter.co.uk\htdocs\templates\front-end\partials\article_blockquote.php on line 2
This included strong growth in the consumer new car finance market and store instalment credit, up by 34% (to £462 million) and 19% (to £199 million) respectively.
Fiona Hoyle, Head of Consumer Finance at the FLA, said:
"The provision of responsible consumer credit is vital for economic growth and so another monthly increase in lending is welcome.
That said, the Government is considering a new regulatory regime for consumer credit which could put growth at risk. They must ensure they take their time to get this right rather than jeopardising both the health of the high street and the options available to consumers."
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
This week's biggest stories:
Santander
Santander launches 98% LTV ‘My First Mortgage’
First-time Buyer
Improved affordability sparks 20% rise in first-time buyers: NationwideÂ
Inflation
Further rate cuts dampened as inflation rebounds to 3.4%
Mortgage Rates
Two Big Six lenders increase mortgage rates as swaps rise
Interest Rates
Looser Fed policy stance could slow further rate cuts, policymakers warn
Bank Of England
Bank of England holds interest rates at 3.75% in narrow 5-4 vote