The prospect of a further interest rate rise grew yesterday with the release of consumer borrowing figures that showed the fastest growth in nearly two years, dampening fears of waning spending power.
Bank of England data recorded a bigger than expected £1.8bn increase in consumer credit in April, marking the strongest rise since November 2016, giving renewed impetus for a rate increase later this year.
April’s figure was several times higher than the relatively muted £425m rise reported for March, which had led to concerns about the health of British consumers.
