Value of credit cards, personal loans and overdrafts rose by 9.9% on a year earlier in May
British consumers borrowed more than expected in May to buy homes and fund other purchases in a sign of confidence before last week’s shock decision to leave the EU.
The amount of credit extended to borrowers, which includes credit cards, personal loans and overdrafts, rose by 9.9% compared with a year earlier. This was the fastest annual rate in more than a decade and up from 9.6% in April. Over the month consumer credit rose by about £200m to £1.5bn in May.