Katie Clinton

Money Moves

Offered both interpretations of the borrowing surge

British households borrowed £2.7 billion in unsecured credit in August, revised up from a first estimate of £2.46 billion and a monthly record in the Bank of England's series, which began in 1993. In September, unsecured lending slowed to £1.9 billion, slightly below forecasts, but its annual growth rate reached 9.8%, the fastest since April 2018.

Updated Nov 1