The BBA's latest high street banking data shows that consumer borrowing through overdrafts, loans and credit cards grew at an annual rate of 6.7%.

Gross mortgage borrowing totalled £13.8 billion in January, 6.3% higher than the same period last year.

Re-mortgaging approvals in January were 15.7% higher than January 2016, driven by historically low interest rates.

Net mortgage borrowing was 2.4% last month, higher than in January 2016.