UK Consumer Credit Reaches Highest Level Since March 2005

According to data from the Bank of England, unsecured consumer credit in the UK increased to 1.9 billion British pounds ($2.34 billion) in November and reported its highest level since March 2005; experts believe UK consumers have been increasing debt to take advantage of the market’s low interest rates; P2P lenders have benefited from the increased demand for debt, reporting the highest growth rate in unsecured lending over the past five years, according to a November 2016 PwC survey; in the corporate market, businesses reported lower demand for credit with bank lending to non-financial businesses down 767 billion British pounds ($945 billion) in November.  Source