Consumer credit will not be that easily available over the next three months. This will add a further burden on households and eventually reduce buying and economy.
Bank’s latest credit conditions survey’s report showed a double-digit growth of personal loans and credit card debt during the past year.
Bank of England Governor Mark Carney wants banks to put aside more funds to support lending in the event of a slowdown during rising inflation.
The survey also points out that banks are expecting to tighten credit scoring criteria during the following quarter.
The survey also showed an increasing demand for loans from small and medium-sized business which had not been the case during the last year.
Larger companies are avoiding further loans.
Is it all a sign of the ship going down despite of all the Government’s cut-backs and promises it is all for the sake of reducing the deficit?
Well one thing for sure the deficit has not reduced; the opposite has happened and shows an increase of horrendous proportion and is now at the highest level for 67 years. The National Debt is £1.8trillion.
However, the Government or PM May will not change course and add another £12bn Welfare cuts on top of already poor -, disabled - and even working people having to rely on food banks.
The state of this country and its people is incredible being the 6th richest in the world being turned back to Victorian time with no social welfare and NHS which is sold out to USA.
Evening Standard @russ_lynch