UK net consumer credit borrowing rose to £2.0 billion in July, exceeding expectations

⑴ UK net consumer credit borrowing rose to £2.0 billion in July from £1.9 billion in June, exceeding the market expectation of £1.8 billion and reaching the highest level since November last year, slightly above the previous six-month average of £1.9 billion. Net credit card borrowing fell from £1.0 billion to £0.9 billion, while other consumer credit such as car finance and personal loans increased from £0.9 billion to £1.1 billion. ⑵ The annual growth rate of total consumer credit edged up from 9.1% in June to 9.2%, with the annual growth rate of credit card borrowing remaining flat at 12.5%, and the annual growth rate of other consumer credit rising slightly from 7.6% to 7.7%.