UK net consumer credit borrowing in June rises to £1.807 billion, with credit card lending growth hitting its fastest pace in nearly eight years

⑴ UK net consumer credit borrowing in June rose from £1.7 billion in May to £1.807 billion, higher than the market expectation of £1.7 billion and in line with the six-month average of £1.8 billion. Net credit card borrowing increased from £600 million in May to £900 million, while other consumer credit (such as car dealer finance and personal loans) fell from £1.1 billion to £900 million. ⑵ The annual growth rate for all consumer credit rose slightly from 9.0% in May to 9.1%, the highest since July 2018. The annual growth rate of credit card lending increased from 12.2% to 12.5%, while the annual growth rate of other consumer credit remained unchanged at 7.6%.