Q1 Slump in Consumer Borrowing Expected in UK

A recent Bank of England survey claims that British banks can expect consumer borrowing to evaporate in the first quarter of 2019 as a weak economic outlook keeps households from taking on new borrowing. British lenders surveyed actually stated that the fall in the demand for credit card lending would be greater than it was during the financial crisis. The current political turmoil in Westminster is also cited as a key factor in the survey’s findings as well. Source.