UK Consumer Credit Grows at Fastest Rate in Almost a Decade in November

British lending to consumers expanded at the fastest annual rate in almost a decade in November and banks approved more mortgages than forecast, showing a buoyant mood among households towards the end of 2015.

The Bank of England said net lending to consumers in November was up 8.3 percent compared with a year earlier, the biggest such increase since February 2006 and a growth rate that may raise concern at the Bank about lending standards.

In cash terms, lending was up 1.476 billion pounds compared with the previous month,…

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UK Consumer Credit Grows at Fastest Rate in Almost a Decade in November