UK consumer debt at five-year high

uk consumer debt at five year high 0

The Bank of England (BoE) released February data on the country’s consumer loans.

Accordingly, total loans used by consumers in the UK in February of this year increased by 4.4 percent compared to the previous month and rose to £1.9 billion. Thus, the highest level of the last five years was reached in individual consumer borrowings.

In the BoE statement, it was reported that £1.5 billion of consumer borrowing in February was made through credit cards, and £400 million was made through consumer loans.

In the statement, it was noted that the number of housing loans approved in February decreased to 71 thousand from 73 thousand 800 in January.

Inflation in England in February reached the highest level of the last 30 years with 6.2 percent on an annual basis due to the increase in energy and food prices. Inflation in the country increased by 5.5 percent in January.

British Finance Minister Rishi Sunak had committed to the implementation of indirect tax cuts within the scope of the “Spring Budget Planning” announced in the parliament last week.

In England, natural gas prices increased by 30 percent and electricity prices by 20 percent in February compared to the same period of the previous year.

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