Consumer credit in the United Kingdom dropped by GBP 3.8 billion in March 2020, following a GBP 0.9 billion increase in the previous month and compared to market expectations of a GBP 0.7 billion rise. That was the largest decline in consumer credit since the series began in 1993, due to a large fall in new borrowing amid the coronavirus pandemic. Credit card lending fell by GBP 2.4 billion and other loans and advances went down by GBP 1.5 billion. The weak net flows of consumer credit meant that the annual growth rate slowed to 3.7 percent in March, lowest since June 2013.
Consumer Credit in the United Kingdom averaged 936.48 GBP Million from 1993 until 2020, reaching an all time high of 2248 GBP Million in January of 2005 and a record low of -3841 GBP Million in March 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 May of 2020. source: Bank of England
Consumer Credit in the United Kingdom is expected to be 1037.00 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 -3753.00 in 12 months time. In the long-term, the United Kingdom Consumer Credit is projected to trend around 1294.00 GBP Million in 2021 and 1320.00 GBP Million in 2022, according to our econometric models.