Bank of England reports increase in lending figures in May

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Bank of England reports increase in lending figures in May

Tue 29th Jun 2010

The amount of money loaned out to individuals during May was up on the previous month, according to the Bank of England.

Overall, the total net lending to consumers rose by £1.5 billion during last month, with the 12-month growth rate increasing from 0.8 per cent in April to 0.9 per cent.

The amount loaned out for property purchases was also up, increasing by £1.2 billion during the month compared with £1 billion in April.

However, this sum is still below the previous six-month average of £1.3 billion.

The total loaned out for credit card purchases rose by £100 million, which fell below the six-month average of £200 million and less than the £300 million that was handed out in consumer credit, an increase on the half-yearly average.

Individuals who make purchases on credit cards can often make the deal work for them by receiving bonus gifts, as long as they pay off the balance each month, Confused.com reported.

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