Card spending was 1.2 per cent lower than in March 2017 with repayments outstripping new lending in the first quarter of 2018. Outstanding levels of credit card borrowing have grown by 5.8 per cent over the year.

Gross mortgage lending in March is estimated to have been £20.5bn, 2.3 per cent lower than a year earlier. The number of total mortgage approvals has also fallen and is 15 per cent lower, with house purchase approvals falling by almost 21 per cent, compared to a year earlier.

Growth in personal deposits has grown by 1.8 per cent over the year, slightly down on the previous six-month average of 2 per cent.