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UK consumers borrow again as lockdown lifted By Reuters

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© Reuters. FILE PHOTO: Shoppers carry handbags in London, UK, Aug. 25, 2016. REUTERS / Neil Hall / File Photo

LONDON (Reuters) – Debt by British consumers rose in May for the first time since August last year, according to Bank of England data that showed the economy accelerated as restrictions on the coronavirus were lifted last month.

Unsecured loans increased by 280 million pounds net (387.66 million dollars) since April, as consumers bought cars with dealer financing agreements and applied for more personal loans.

A Reuters poll of economists had pointed to a rise of just under £ 250 million in May, having fallen in each of the previous eight months as households were largely stuck at home and controlled their expenses.

Data from the Bank of England also showed net home loans rose faster than expected in the Reuters survey, rising 6.6 billion pounds in May from April as home buyers scrambled to take advantage of a tax break. extended offered by Finance Minister Rishi Sunak.

Earlier on Tuesday, June data from mortgage lender Nationwide showed British home prices rose the most in annual terms in more than 16 years this month.

The Bank of England said mortgage approvals for home purchases totaled 87,500 in May, just slightly more than the 86,900 in April and less than the recent peak of 103,200 in November 2020.

($ 1 = 0.7223 pounds)

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