After the Bank of England base rate remained at 0.1% between March 2020 and December 2021, which was the lowest level in a decade, it gradually increased throughout 2022, and this has continued in 2023, due to inflation being substantially higher than the target of 2%.
As concerns around BNPL schemes continue rising, due to the high risk of unsustainable consumer debt, regulation has become inevitable. The UK government started a consultation on potential legislation for BNPL, which could bring it under the Consumer Credit Act.
Even though banks already have strict credit eligibility policies in place, it is anticipated that these will only get stricter as the Bank of England keeps raising its base rate. This is being done to prevent the possibility of extremely high consumer debt, which would put the country in an even worse economic situation.
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Understand the latest market trends and future growth opportunities for the Consumer Credit industry in United Kingdom with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Consumer Credit
Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.
See All of Our DefinitionsThis report originates from Passport, our Consumer Credit research and analysis database.
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