Bank of England said, the extra amount borrowed by consumers in order to buy goods and services was £0.9 billion in July vs £1.0 billion expected. This was broadly in line with the £1.0 billion average over the past 12 months, but below the £1.5 billion average from January 2016 to June 2018. 

Within the July figure, the extra amount borrowed for other loans and advances fell on the month to £0.6 billion, while net credit card borrowing remained stable.

The annual growth rate of consumer credit remained at 5.5% in July, markedly lower than its peak of 10.9% in November 2016. This slowing reflects the weaker monthly lending flows over most of the past year.

Mortgage market activity has remained stable, notwithstanding some strengthening in key indicators. Net mortgage borrowing by households picked up in July, rising to £4.6 billion. While this was the strongest since March 2016, it reflected a fall in repayments rather than an increase in new lending. The annual growth rate remained at 3.2%, close to the level seen since 2016. Mortgage approvals for house purchase (an indicator for future lending) increased in July to 67,300. This was the strongest since July 2017, but remains within the very narrow range seen over the past two years.