Consumer lending growth continues

This 1% increase took consumer credit lending to over £4.2 billion and ensured FLA members share of the UK consumer credit market held steady at 30.1% in the twelve months to August 2012.

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."