UK consumer borrowing reaches new high

Unsecured borrowing by British households increased in August at the fastest pace since 1993, recording a rise of £2.464 billion, significantly surpassing economists' expectations. This growth occurs amid continued consumer confidence and rising spending despite higher inflation. The increase comes ahead of potential tax hikes in the October budget, while data indicate a decline in lender approvals for mortgages for the first time since December 2023, with expectations of the Bank of England raising interest rates in November.

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