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Mar 2 2018, 07:20 GMT
While UK consumers remain constrained by falling real incomes, the latest money and credit data show household credit has continued to expand at a robust pace. Annual mortgage lending growth was steady at 3% and approvals bounced back in January. Demand for unsecured credit remains undimmed, expanding by 9% on the year as households have leveraged up to make ends meet. Nonetheless, credit demand will soon be tested by higher borrowing rates as the Bank of England embarks on a rate tightening cycle.