Consumer lending growth continues
Consumer lending by FLA members was over £4.2bn in August and accounted for around 30% of the UK credit market over the previous twelve months.
The latest figures showed strong growth in the consumer new car finance market and in the store instalment credit market, up by 34% (to £462m) and 19% (to £199m) respectively.
Fiona Hoyle, head of consumer finance at the FLA, said: “The growth in high street and motor credit shows how important responsibly provided retail credit is for consumers and for the economy.
“It is essential that the Government takes the time needed to get its proposed new regulatory regime for credit right. Rushing the new system will risk undermining economic growth.”