Consumer spending was mainly reflected in the use of credit cards, with outstanding levels of card borrowing growing at a rate of 6.3 per cent over the year, while use of loans and overdrafts continues to fall.

Gross mortgage lending in February is estimated to have been £19bn, 4.9 per cent more than a year earlier but below the monthly average of £21.4bn for 2017. Remortgage approvals in the month are up over 9 per cent in both number and value compared to February 2017.

UK businesses' deposits grew by almost 7 per cent in the past 12 months, while borrowing over the same period grew slightly by 0.5 per cent. Within business sectors, manufacturers' borrowing expanded, while construction and property-related sectors contracted.