New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 2% in November, compared with the same month in 2017.

Credit card and personal loan new business together grew by 1% compared with November 2017, while retail store and online credit new business increased by 2%. Second charge mortgage new business increased 21% by value and volume over the same period.

 Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:

 “The consumer finance market reported modest growth in November reflecting subdued consumer confidence in the run up to Christmas.

 “The latest figures suggest single-digit new business growth in 2018 as a whole.”

 Table 1: New consumer credit lending

 Note to editors:

1. FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.
2. In 2017, FLA members provided £128 billion of new finance to UK businesses and households. £96 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2017.
3. For media enquiries, please contact the FLA press office on 020 7420 9656.