Britons pay back most on debt in 27 years as credit card spending slumps

Effect of Covid lockdown on shoppers is underlined in Bank of England report

A slump in credit card spending in February dragged down UK consumer credit growth to a 27-year low as the second month of the latest coronavirus lockdown restricted the scope for shoppers to spend in high streets and on outdoor activities.

With people paying back more than they borrowed, consumer credit growth fell by 9.9% annually – marking the biggest contraction since records started in 1994 – the Bank of England said in its monthly report. January also set a record after a 9% decline on December’s total.

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Coronavirus | The Guardian

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