UK consumer borrowing rises at slowest pace since 2014, points to slowdown jitters



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UK consumer borrowing rises at slowest pace since 2014, points to slowdown jitters

On Friday, the 3rd of January 2020, data revealed from the Bank of England had revealed a baleful image of British economy which has been vying to vent out a way form an utterly stagnant backwater bay as British consumers’ borrowing grew at its slowest pace in more than five years, while a lack of investment vindicated by a sapped construction industry expenses in December had added to lingering worries for an economy, growth of which had stalled later last year.

Aside from that, according to data released from the Bank of England, growth in unsecured consumer borrowing was slackened to 5.7 per cent in November on an annualized basis, the reading’s smallest gain since the June of 2014, while as a strangers’ tide in the global financial services market, UK credit card repayments had surpassed lending for the first time in more than five years, triggering another worrisome factor that could signify a slowing economy where consumers had been sharply slashing their expenses.

Aside from that, UK household spending that kept the outgoing bloc’s second-largest economy behind Germany out of a recession despite a Brexit fear breathing fires, might have been drying up as a recovery in wage growth alongside a record level of employment could have turned their tails in a near-term outlook, said a BoE (Bank of England) executive following reveal of Friday’s (January 3rd) consumer lending data.