Consumer finance new business grows by 2% in November 2019

New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business grew in November 2019 by 2% compared with the same month in 2018, and held steady in the eleven months to November 2019.

Credit card and personal loan new business together grew in November 2019 by 2% compared with the same month in 2018, while retail store and online credit new business fell by 1%.

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

“The modest growth in consumer finance new business provided by FLA members in November was consistent with a slowdown in retail sales growth and subdued consumer confidence more widely in the final quarter of 2019.

“Recent survey data points to a pick-up in consumer confidence following the General Election result which, if sustained, will support single-digit growth in new consumer credit in 2020.”

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 2018, FLA members provided £136 billion of new finance to UK businesses and households. £103 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2018.

For media enquiries, please contact the FLA press office on 020 7420 9656.