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UK consumers borrowed an additional £1.5 billion in consumer credit during November, according to the latest data from the Bank of England on Wednesday.
Driven by an additional £1.2 billion of credit card borrowing, consumers borrowed an additional £1.5 billion in consumer credit in November, well above the £700 million borrowed in October.
This was also higher than the previous six-month average of £1.1 billion and came in well above market expectations, as cited by FXStreet, of £900 million.
Net borrowing of mortgage debt increased to £4.4 billion in the period, up from £3.6 million in October.
Mortgage approvals for house purchases fell to 46,100 from 57,900. This was the lowest level since June 2020 when approvals stood at 40,500.
By Heather Rydings, Alliance News senior economics reporter
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