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|‘Too early’ to draw conclusions on Brexit and consumer credit|
|Wednesday, 24 August 2016|
The British Bankers’ Association has published its High Street Banking Statistics for July 2016, with consumer credit continuing to show annual growth of more than six percent and 168 million purchases on credit cards in the month after the EU referendum – higher than the previous month.
Joanna Elson OBE, chief executive of the Money Advice Trust, the charity that runs National Debtline, said: “It is too early to say how borrowing will ultimately be affected by the EU referendum – but in the shorter term, it is clear that the UK’s consumer credit surge shows no sign of abating.
“Most people will be able to handle this extra borrowing, but we are concerned that a minority of households risk being left further exposed to financial difficulty, if the economy does suffer in the longer term.
“Amid new economic uncertainty, it is now more important than ever that we are prepared for what could be a significant increase in personal debt problems in the years ahead.”
Earlier this month the Bank of England’s Financial Policy Committee identified “the high level of UK household indebtedness” as one “channel through which the [EU] referendum could increase risks to financial stability”.
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