According to the report from Bank of England, consumer credit increased by £0.9 billion in April, in line with the monthly average increase since July 2018. Within consumer credit, net borrowing for other loans and advances increased to £0.7 billion, whilst credit card lending fell slightly to £0.2 billion.

The annual growth rate of consumer credit continued slowing, reaching 5.9% in April. It is now five percentage points below its peak in November 2016 and the lowest since June 2014.

Net mortgage lending was £4.3 billion in April, slightly higher than the average of £3.8 billion seen over the previous six months.

UK businesses raised £5.7 billion of net finance in April, driven by borrowing from banks and bond markets.