Demand for credit cards and mortgages in UK falling fast, warns BoE
Industry News | 18/01/19
Borrowing on credit cards is expected to plunge to the lowest levels since 2007 in the three months before Brexit, according to the Bank of England, in another indication of stresses facing the UK economy.
According to the latest quarterly health check on credit conditions from Threadneedle Street, high street banks forecast borrowing on plastic will decline in the first quarter by the most since records began 12 years ago.
It comes amid growing concern over consumer spending on the high street after the worst Christmas for retailers since the financial crisis, setting the economy up for a weak first quarter.
Source: The Guardian
GO TO ARTICLE +