Slowdown in consumer credit growth spells trouble for UK economy | Phillip Inman

With investment in the doldrums and exports ailing, the shopper is the linchpin stopping the economy from stalling

It is too early to tell whether the slowdown in UK consumer credit growth in July was the result of waning confidence among the nation's shoppers or the restraints placed on banks by the regulator.

Either way it spells trouble for an economy dependent on consumer spending to drive GDP growth. With business investment in the doldrums and exports unable to make much headway despite the low pound, the consumer is the linchpin preventing the economy stalling altogether.

Related: Rapid rise in personal borrowing is cooling, says Bank of England