New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 4% in July, compared with the same month last year.

Credit card and personal loan new business together grew by 3% compared with July 2018, while retail store and online credit new business remained stable.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said “In July, consumer finance new business overall grew for the first time since February 2019.”

“We expect new business in 2019 as a whole to be at a similar level to 2018 as consumer confidence continues to be buoyed by a robust labour market and low interest rates.”

Table 1: New consumer credit lending

Jul 2019

% change on prev. year

3 months to Jul 2019

% change on prev. year

12 months to Jul2019

% change on prev. year

Total FLA consumer finance (£m)

8,941

+4

26,115

-1

102,957

+1

Data extracts:

Retail store and online credit (£m)

679

0

2,084

+2

8,722

+3

Credit cards & personal loans (£m)

4,665

+3

13,243

-3

51,528

0

Second charge mortgages (£m)

115

+17

327

+18

1,182

+15

Car finance (£m)

3,074

+6

9,342

+1

37,424

+2