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Freedom Finance comments on the increase in recent Bank of England money and credit statistics PDF Print E-mail
Tuesday, 30 June 2015

Nicola Georgiou, Managing Director at Freedom Finance comments on the increase in recent Bank of England money and credit statistics:

“May’s figures show there has been a positive growth in consumer confidence as the economy continues to recover. Total lending increased by £3.1 billion in May, compared to the average monthly increase of £2.8 billion over the previous six months and consumer credit alone increased by £1 billion.
“Growth in the loans industry is being driven by improved job security and increased competition from lenders on rates, with Sainsbury’s offering special rates as low as 3.6% APR. As confidence returns to the market, banks have been relaxing their lending criteria, which had remained stringent since the height of the credit crunch. Borrowers looking to take advantage of these low rates should approach with caution and lenders are still looking for very clean credit files, despite a loosening in criteria.”

(Source - Freedom Finance Comment)

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