"Consumer credit growth continues to be strong, despite falling back a little in November, reflecting strong retail sales in recent months.

The reduction in interest rates in August may have boosted remortgaging approvals, with consumers looking to take advantage of the current economic conditions and lock-in lower interest rates.

A corollary of a low interest rate environment is a growth in deposits and we've seen personal deposits, in particular, grow more strongly in recent months as consumers hoard cash in the absence of higher-yielding, liquid investment opportunities. This growth in personal deposits may also suggest that consumers are looking to grow their cash reserves against potential economic uncertainties, such as an expectation of lower wage growth", said Dr Rebecca Harding, BBA Chief Economist.