BoE: Lending above average in October

Banks’ total net lending to individuals increased by £10.9 billion, higher than the increase in September and the six-month average of £10 billion.

Similarly, the increase in consumer credit grew by £1.1 billion last month, including a £0.2 billion increase in credit card debt.

While credit card debt growth was £0.2 billion less than in September, other loans increased by £0.9 billion, compared to only rising by £0.6 billion the month before.

The news comes as leading figures, including the governor of the Bank of England, give warnings about Britain’s increasing levels of debt, which have now reached £1.3 trillion.

Political parties across the spectrum have demanded action to stop the rise in debt levels that is being accompanied by increases in cases of bankruptcy and Individual Voluntary Arrangements (IVAs).