12 September 2019
New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 4% in July, compared with the same month last year.
Credit card and personal loan new business together grew by 3% compared with July 2018, while retail store and online credit new business remained stable.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“In July, consumer finance new business overall grew for the first time since February 2019.
“We expect new business in 2019 as a whole to be at a similar level to 2018 as consumer confidence continues to be buoyed by a robust labour market and low interest rates.”
Table 1: New consumer credit lending
|
Jul 2019 |
% change on prev. year |
3 months to Jul 2019 |
% change on prev. year |
12 months to Jul2019 |
% change on prev. year |
Total FLA consumer finance (£m) |
8,941 |
+4 |
26,115 |
-1 |
102,957 |
+1 |
|
|
|
|
|
|
|
Data extracts: |
|
|
|
|
|
|
Retail store and online credit (£m) |
679 |
0 |
2,084 |
+2 |
8,722 |
+3 |
Credit cards & personal loans (£m) |
4,665 |
+3 |
13,243 |
-3 |
51,528 |
0 |
Second charge mortgages (£m) |
115 |
+17 |
327 |
+18 |
1,182 |
+15 |
Car finance (£m) |
3,074 |
+6 |
9,342 |
+1 |
37,424 |
+2 |
Note to editors:
- 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.
- 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.