LENDING to individuals and businesses slowed across the board in May, Bank of England data shows.
Money and credit data from the Bank of England, released on Friday, revealed that annual growth in consumer credit slowed again in May following a brief spring bounce.
Consumer credit lending increased by 8.5 per cent in May 2018, a slower pace than the 8.7 per cent recorded a month before.
Much of the slowdown came from personal loans, up 8.1 per cent in May compared with 8.6 per cent in April.
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In contrast, growth in credit card borrowing increased from 8.9 per cent to 9.3 per cent between April and May.
The lending environment for small- and medium-sized enterprises was not any better, with the value of loans falling 0.1 per cent annually, the Bank of England said.
There was better news in the mortgage market, where the number of approvals for new home loans increased by 2.5 per cent to 64,526. Remortgages continue to drive the market, where the number of approvals was up 7.7 per cent to 50,979.